UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-23117
JPMorgan Trust IV
(Exact name of registrant as specified in charter)
390 Madison Avenue
New York, NY 10017
(Address of principal executive offices) (Zip code)

Gregory S. Samuels
390 Madison Avenue
New York, NY 10017
(Name and Address of Agent for Service)
With copies to:
Elizabeth A. Davin, Esq.
JPMorgan Chase & Co.
1111 Polaris Parkway
Columbus, OH 43240		 Alison M. Fumai, Esq.
Dechert LLP
1905 Avenue of the Americas
New York, NY 10036
Registrant's telephone number, including area code:
(800) 480-4111
Date of fiscal year end:
October 31
Date of reporting period:
April 30, 2026
Item 1. Report to Stockholders.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026 (Unaudited)
JPMorgan Emerging Markets Research Enhanced Equity Fund
FrontCoverImage
Class I Shares/Ticker: EMREX
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Research Enhanced Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund (Class) Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Emerging Markets Research Enhanced Equity Fund
(Class I Shares)		 $25 0.47%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets (000's) $2,078,680
Total number of portfolio holdings 328
Portfolio turnover rate 23 %
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
EMREX-426
JPMorgan Emerging Markets Research Enhanced Equity Fund - Class I
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2026 (Unaudited)
JPMorgan Emerging Markets Research Enhanced Equity Fund
FrontCoverImage
Class R6 Shares/Ticker: EMRSX
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Research Enhanced Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund (Class) Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Emerging Markets Research Enhanced Equity Fund
(Class R6 Shares)		 $20 0.37%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets (000's) $2,078,680
Total number of portfolio holdings 328
Portfolio turnover rate 23 %
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
EMRSX-426
JPMorgan Emerging Markets Research Enhanced Equity Fund - Class R6

ITEM 2. CODE OF ETHICS.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included in the financial statements filed under Item 7 of this Form.

Included in Item 7.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Semi-Annual Financial Statements
J.P. Morgan International Equity Funds
April 30, 2026 (Unaudited) 
JPMorgan Developed International Value Fund
JPMorgan Emerging Markets Equity Fund
JPMorgan Emerging Markets Research Enhanced Equity Fund
JPMorgan Europe Dynamic Fund
JPMorgan International Equity Fund
JPMorgan International Focus Fund
 
CONTENTS  
 
 
1
24
42
62
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
JPMorgan Developed International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 98.1%
Australia — 4.7%
Beach Energy Ltd. (a)
4,782
4,062
BHP Group Ltd.
1,575
62,359
Glencore plc
3,124
24,276
Metcash Ltd.
3,479
6,851
Perseus Mining Ltd.
2,103
8,428
QBE Insurance Group Ltd.
727
11,778
Rio Tinto plc
424
42,703
Ventia Services Group Pty. Ltd.
1,599
6,155
 
166,612
Austria — 1.6%
BAWAG Group AG (b)
51
8,790
Erste Group Bank AG
128
14,128
OMV AG
111
7,857
Raiffeisen Bank International AG
101
5,496
Strabag SE
53
5,591
Telekom Austria AG
548
6,224
Vienna Insurance Group AG Wiener Versicherung
Gruppe
116
8,758
 
56,844
Belgium — 0.9%
Ageas SA
159
12,461
Bekaert SA
95
4,715
KBC Group NV
83
11,023
Umicore SA *
194
3,919
 
32,118
China — 0.5%
BOC Hong Kong Holdings Ltd.
1,850
10,644
Yangzijiang Shipbuilding Holdings Ltd.
2,419
8,250
 
18,894
Denmark — 1.2%
AL Sydbank
48
4,066
Carlsberg A/S, Class B
77
10,401
Danske Bank A/S
283
14,538
H Lundbeck A/S
548
3,685
ISS A/S
232
8,535
 
41,225
Finland — 0.6%
Nordea Bank Abp
1,156
21,742
France — 8.2%
Alten SA
51
3,415
Amundi SA (b)
51
4,936
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
France — continued
Arkema SA
47
3,394
AXA SA
684
32,968
Ayvens SA (b)
769
10,409
BNP Paribas SA
357
37,496
Canal+ SA
337
1,052
Capgemini SE
48
5,828
Cie Generale des Etablissements Michelin SCA (a)
340
12,332
Covivio SA, REIT
64
4,230
Credit Agricole SA
639
12,487
Eiffage SA
68
10,980
Engie SA
752
24,795
Forvia SE *
181
2,136
Orange SA
700
14,569
Rubis SCA
146
5,999
SCOR SE
232
8,661
Societe Generale SA
180
14,492
Sopra Steria Group
3
429
TotalEnergies SE
633
58,813
Valeo SE
220
2,765
Vallourec SACA
229
6,900
Vicat SACA
115
8,153
 
287,239
Georgia — 0.1%
Lion Finance Group plc
24
3,674
Germany — 8.1%
Allianz SE (Registered)
134
61,174
Aroundtown SA *
1,961
5,669
Aumovio SE *
119
5,171
Bayer AG (Registered)
486
21,777
Continental AG *
111
8,410
Daimler Truck Holding AG
265
13,385
Deutsche Bank AG (Registered)
472
14,661
Deutsche Post AG
431
25,485
Deutsche Telekom AG (Registered)
867
28,015
Duerr AG
231
5,733
E.ON SE
441
9,778
Henkel AG & Co. KGaA (Preference)
194
14,081
JOST Werke SE (b)
55
3,361
LEG Immobilien SE
136
9,534
Mercedes-Benz Group AG
258
15,021
Muenchener Rueckversicherungs-Gesellschaft AG
(Registered)
46
27,634
Talanx AG
64
8,355
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
1
JPMorgan Developed International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Germany — continued
TeamViewer SE * (b)
562
3,142
TUI AG
546
4,061
 
284,447
Guatemala — 0.4%
Millicom International Cellular SA
146
12,357
Hong Kong — 2.7%
Cathay Pacific Airways Ltd.
5,650
8,398
CK Asset Holdings Ltd.
1,850
11,657
Hang Lung Properties Ltd.
7,413
8,715
Hongkong Land Holdings Ltd.
1,262
9,973
Hysan Development Co. Ltd.
3,107
7,789
Kerry Properties Ltd.
2,704
8,230
Sun Hung Kai Properties Ltd.
795
13,909
Swire Properties Ltd. (a)
2,692
8,592
WH Group Ltd. (b)
7,474
9,085
Wharf Real Estate Investment Co. Ltd.
3,236
10,134
 
96,482
Indonesia — 0.2%
First Pacific Co. Ltd.
10,054
7,054
Ireland — 1.5%
AerCap Holdings NV
102
14,553
AIB Group plc
1,016
11,709
Bank of Ireland Group plc
510
10,044
Glanbia plc
228
5,290
Glenveagh Properties plc * (b)
1,892
4,687
Greencore Group plc
2,213
7,576
 
53,859
Israel — 0.1%
Plus500 Ltd.
54
3,267
Italy — 4.7%
Azimut Holding SpA
174
7,382
Banco BPM SpA (a)
620
9,034
BPER Banca SpA
596
8,790
Danieli & C Officine Meccaniche SpA
68
3,851
doValue SpA * (b)
1,340
3,309
Enel SpA
2,872
33,531
Eni SpA
777
21,973
Intesa Sanpaolo SpA
5,139
34,918
Saipem SpA (a)
928
5,027
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Italy — continued
UniCredit SpA
333
25,756
Unipol Assicurazioni SpA
402
10,511
 
164,082
Ivory Coast — 0.1%
Endeavour Mining plc
67
4,020
Japan — 21.2%
Aisin Corp.
485
7,688
ANA Holdings, Inc. (a)
439
7,289
Asahi Kasei Corp.
996
9,799
Astellas Pharma, Inc.
842
11,930
Central Japan Railway Co.
366
8,788
Chiyoda Corp. * (a)
1,058
6,868
Concordia Financial Group Ltd.
750
7,118
Credit Saison Co. Ltd.
269
7,440
Daiichi Life Group, Inc.
1,523
13,945
Daiwa Securities Group, Inc.
963
9,069
Electric Power Development Co. Ltd.
354
8,654
ENEOS Holdings, Inc.
1,429
11,999
Gunma Bank Ltd. (The)
319
4,367
Hakuhodo DY Holdings, Inc.
787
5,284
Hokuriku Electric Power Co.
748
4,163
Iida Group Holdings Co. Ltd.
408
5,778
Inpex Corp.
587
15,308
Ishihara Sangyo Kaisha Ltd.
271
5,226
Isuzu Motors Ltd.
303
4,176
Japan Petroleum Exploration Co. Ltd.
518
7,418
Kamigumi Co. Ltd.
255
8,421
Kanematsu Corp.
593
8,157
Kansai Paint Co. Ltd.
440
6,605
KDX Realty Investment Corp., REIT
8
8,456
Kioxia Holdings Corp. *
52
12,582
Kyocera Corp.
896
15,567
Kyoto Financial Group, Inc.
178
4,920
Kyushu Electric Power Co., Inc.
791
8,558
Marubeni Corp.
479
18,632
Mitsubishi UFJ Financial Group, Inc.
3,651
65,586
Mitsui Fudosan Co. Ltd.
781
8,560
Mitsui OSK Lines Ltd.
338
12,760
Mizuho Financial Group, Inc.
853
36,686
Modec, Inc.
90
7,425
MS&AD Insurance Group Holdings, Inc.
597
15,349
Muninova Holdings, Inc.
1,586
4,669
Nomura Holdings, Inc.
1,468
11,756
SEE NOTES TO FINANCIAL STATEMENTS.
 
2
J.P. Morgan International Equity Funds
April 30, 2026
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Japan — continued
Nomura Real Estate Holdings, Inc.
1,334
8,701
Open House Group Co. Ltd.
114
6,715
ORIX Corp.
485
16,330
Panasonic Holdings Corp.
1,141
23,342
Sankyo Co. Ltd.
377
4,456
SBI Holdings, Inc.
621
12,527
Shikoku Electric Power Co., Inc.
820
8,161
Shionogi & Co. Ltd.
446
9,011
Sompo Holdings, Inc.
334
12,445
Sumitomo Chemical Co. Ltd.
2,581
8,421
Sumitomo Corp.
435
16,163
Sumitomo Mitsui Financial Group, Inc.
1,231
43,465
Sumitomo Pharma Co. Ltd. *
404
4,465
Sumitomo Realty & Development Co. Ltd.
336
10,403
Sumitomo Rubber Industries Ltd.
203
2,631
Suzuki Motor Corp.
957
10,699
T&D Holdings, Inc.
257
6,229
TBS Holdings, Inc.
147
5,206
Tokai Rika Co. Ltd.
186
3,433
Tokio Marine Holdings, Inc.
295
13,524
Tokuyama Corp.
271
6,954
Tokyo Century Corp.
638
8,770
Tokyo Tatemono Co. Ltd.
351
8,077
Tokyu Fudosan Holdings Corp.
1,011
8,606
Toyo Tire Corp.
305
7,468
Toyoda Gosei Co. Ltd.
335
9,879
Toyota Boshoku Corp.
260
3,680
Toyota Motor Corp.
2,014
38,658
Tsubakimoto Chain Co.
137
2,055
UACJ Corp.
217
3,825
Yamato Kogyo Co. Ltd.
47
3,603
 
744,898
Luxembourg — 0.4%
ArcelorMittal SA
249
14,431
Netherlands — 3.9%
ABN AMRO Bank NV, CVA (b)
296
10,303
Arcadis NV
79
3,376
ASR Nederland NV
160
12,164
Eurocommercial Properties NV, REIT
42
1,388
Flow Traders Ltd. *
149
4,786
Havas NV *
235
4,468
Heineken Holding NV
230
16,324
ING Groep NV
1,030
29,825
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Netherlands — continued
Koninklijke Ahold Delhaize NV
417
19,582
Koninklijke BAM Groep NV
395
4,341
Koninklijke Heijmans N.V., CVA *
87
8,835
NN Group NV
158
13,866
SBM Offshore NV
167
7,152
 
136,410
Norway — 2.2%
Aker Solutions ASA (b)
1,992
9,063
DNB Bank ASA
472
14,295
DOF Group ASA
477
7,074
Equinor ASA
386
15,698
Norsk Hydro ASA
590
6,517
Odfjell Drilling Ltd.
578
6,198
Telenor ASA
725
11,943
Wallenius Wilhelmsen ASA
469
5,999
 
76,787
Peru — 0.2%
Hochschild Mining plc
624
5,330
Portugal — 0.5%
Banco Comercial Portugues SA, Class R
5,250
5,612
Galp Energia SGPS SA
247
5,787
NOS SGPS SA *
755
4,985
 
16,384
Singapore — 0.6%
Oversea-Chinese Banking Corp. Ltd.
1,215
20,960
South Africa — 0.5%
Anglo American plc
327
16,166
Spain — 5.0%
Banco Bilbao Vizcaya Argentaria SA
1,963
43,351
Banco de Sabadell SA
2,614
10,134
Banco Santander SA
4,943
60,321
CaixaBank SA
1,289
16,409
Endesa SA
230
10,313
Mapfre SA
1,884
9,222
Repsol SA
582
15,620
Tecnicas Reunidas SA *
138
5,705
Unicaja Banco SA (b)
1,289
4,186
 
175,261
Sweden — 3.2%
AcadeMedia AB (b)
743
7,964
Ambea AB (b)
262
3,975
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
3
JPMorgan Developed International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Sweden — continued
Hoist Finance AB (b)
445
6,843
Husqvarna AB, Class B
1,623
7,819
Loomis AB
142
6,571
Modern Times Group MTG AB, Class B *
293
4,002
NCC AB, Class B
101
2,188
Securitas AB, Class B
632
10,599
Skandinaviska Enskilda Banken AB, Class A
548
10,853
SSAB AB, Class B
554
5,047
Svenska Handelsbanken AB, Class A (a)
730
10,371
Swedbank AB, Class A
378
13,347
Telefonaktiebolaget LM Ericsson, Class B
1,216
14,509
Telia Co. AB
1,728
9,033
 
113,121
Switzerland — 3.4%
Aryzta AG *
66
5,243
Avolta AG
44
2,434
Clariant AG (Registered) *
639
6,584
Implenia AG (Registered)
45
3,545
Julius Baer Group Ltd. (a)
156
12,856
Nestle SA (Registered)
879
88,970
 
119,632
United Kingdom — 12.4%
Balfour Beatty plc
783
8,697
Barclays plc
4,899
28,793
British American Tobacco plc
367
21,619
British Land Co. plc (The), REIT
559
2,960
CK Hutchison Holdings Ltd.
1,654
13,811
Currys plc
3,969
6,735
DCC plc
92
6,917
Derwent London plc, REIT
333
7,799
Drax Group plc
599
7,205
Entain plc
887
6,551
GSK plc
1,379
36,158
HSBC Holdings plc
5,477
100,779
IG Group Holdings plc
209
4,270
Imperial Brands plc
456
17,340
International Consolidated Airlines Group SA
1,499
7,582
Investec plc
998
8,540
ITV plc
4,491
4,887
Johnson Matthey plc
305
8,612
Keller Group plc
204
6,199
Kier Group plc
1,373
3,821
Lancashire Holdings Ltd.
994
7,761
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
United Kingdom — continued
Land Securities Group plc, REIT
411
3,309
Lloyds Banking Group plc
16,571
22,525
Mitie Group plc
1,983
4,690
Morgan Sindall Group plc
53
3,357
NatWest Group plc
2,948
23,510
OSB Group plc
694
4,987
Paragon Banking Group plc
400
4,074
Premier Foods plc
2,353
6,331
Serco Group plc
1,095
4,193
Standard Chartered plc
575
14,632
Tesco plc
1,039
6,817
TP ICAP Group plc
934
4,018
Vodafone Group plc
9,398
14,954
 
434,433
United States — 9.0%
BP plc
5,541
43,862
Buzzi SpA
177
9,664
Carnival plc
235
6,234
Novartis AG (Registered)
62
9,171
Roche Holding AG
234
95,244
Sanofi SA
369
34,552
Shell plc
1,812
82,400
Swiss Re AG (a)
143
23,002
Tenaris SA
328
10,480
 
314,609
Total Common Stocks
(Cost $2,814,960)
3,442,338
Short-Term Investments — 3.1%
Investment Companies — 2.4%
JPMorgan Prime Money Market Fund Class Institutional
Shares, 3.66% (c) (d)
(Cost $82,948)
82,940
82,957
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66% (c) (d)(Cost
$24,080)
24,080
24,080
Total Short-Term Investments
(Cost $107,028)
107,037
SEE NOTES TO FINANCIAL STATEMENTS.
 
4
J.P. Morgan International Equity Funds
April 30, 2026
INVESTMENTS
 
VALUE
($000)
Total Investments — 101.2%
(Cost $2,921,988)
3,549,375
Liabilities in Excess of Other Assets — (1.2)%
(42,004
)
NET ASSETS — 100.0%
3,507,371
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CVA
Certificaten Van Aandelen (Dutch Certificate)
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
SGPS
Holding company
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at April 30,
2026. The total value of securities on loan at April 30, 2026 is
$23,288.
(b)
Security exempt from registration pursuant to Regulation S under
the Securities Act of 1933, as amended. Regulation S applies to
securities offerings that are made outside of the United States and
do not involve direct selling efforts in the United States and as
such may have restrictions on resale.
(c)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(d)
The rate shown is the current yield as of April 30, 2026.
Summary of Investments by Industry, April 30, 2026
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
24.3
%
Insurance
8.7
Oil, Gas & Consumable Fuels
8.4
Pharmaceuticals
6.4
Metals & Mining
5.7
Real Estate Management & Development
3.9
Food Products
3.7
Capital Markets
2.8
Diversified Telecommunication Services
2.1
Construction & Engineering
2.0
Automobiles
1.9
Automobile Components
1.8
Energy Equipment & Services
1.8
Electric Utilities
1.8
Chemicals
1.7
Trading Companies & Distributors
1.6
Machinery
1.3
Household Durables
1.1
Tobacco
1.1
Commercial Services & Supplies
1.1
Multi-Utilities
1.0
Financial Services
1.0
Others (each less than 1.0%)
11.8
Short-Term Investments
3.0
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
5
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 100.2%
Argentina — 2.3%
Vista Energy SAB de CV, ADR *
2,147
159,557
YPF SA, ADR *
2,110
95,310
 
254,867
Brazil — 10.0%
Axia Energia SA
5,199
65,288
Axia Energia SA (Preference) *
1,367
16,343
Banco BTG Pactual SA
9,248
110,988
Embraer SA, ADR
1,844
115,610
Itau Unibanco Holding SA, ADR
12,462
108,421
MercadoLibre, Inc. *
82
147,804
NU Holdings Ltd., Class A *
12,911
186,953
Petroleo Brasileiro SA, ADR (a)
7,488
148,867
Telefonica Brasil SA
10,333
82,192
WEG SA
11,640
106,018
 
1,088,484
China — 19.1%
Advanced Micro-Fabrication Equipment, Inc., Class A
1,591
88,406
Alibaba Group Holding Ltd., ADR
1,525
201,155
Atour Lifestyle Holdings Ltd., ADR
1,158
44,277
BYD Co. Ltd., Class A
4,118
62,491
Contemporary Amperex Technology Co. Ltd., Class A
2,549
163,691
Full Truck Alliance Co. Ltd., ADR
5,347
46,254
Fuyao Glass Industry Group Co. Ltd., Class A
7,331
63,462
H World Group Ltd., ADR (a)
1,540
79,504
Loncin Motor Co. Ltd., Class A
1,272
2,861
Midea Group Co. Ltd., Class A
8,064
95,927
Montage Technology Co. Ltd., Class A
4,702
120,795
Shenzhen Inovance Technology Co. Ltd., Class A
10,457
105,446
Sieyuan Electric Co. Ltd., Class A
4,015
115,010
Tencent Holdings Ltd.
6,123
371,870
Tencent Music Entertainment Group, ADR
3,867
35,458
Trip.com Group Ltd., ADR *
1,431
77,584
XCMG Construction Machinery Co. Ltd., Class A
44,519
65,060
Yum China Holdings, Inc.
2,009
97,350
Zhongji Innolight Co. Ltd., Class A
1,026
129,568
Zijin Mining Group Co. Ltd., Class H
25,830
119,954
 
2,086,123
Greece — 0.3%
National Bank of Greece SA
2,039
32,317
Guatemala — 1.1%
Millicom International Cellular SA
1,470
124,765
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Hong Kong — 2.8%
AIA Group Ltd.
16,234
178,229
Techtronic Industries Co. Ltd.
8,756
126,960
 
305,189
Hungary — 0.8%
OTP Bank Nyrt.
684
91,698
India — 9.4%
Bajaj Finance Ltd.
16,311
162,016
Bharat Electronics Ltd.
13,483
61,552
Bharti Airtel Ltd.
5,443
108,795
Cholamandalam Investment and Finance Co. Ltd.
4,779
79,223
HDFC Asset Management Co. Ltd. (b)
5,581
160,138
Mahindra & Mahindra Ltd.
1,610
52,803
MakeMyTrip Ltd. * (a)
1,448
68,345
Max Healthcare Institute Ltd.
7,047
74,149
NTPC Ltd.
23,176
97,861
Polycab India Ltd.
821
70,542
Shriram Finance Ltd.
8,615
85,676
 
1,021,100
Indonesia — 0.6%
Bank Central Asia Tbk. PT
183,425
62,188
Mexico — 1.7%
Grupo Financiero Banorte SAB de CV, Class O
9,001
98,093
Grupo Mexico SAB de CV
7,522
82,458
 
180,551
Panama — 0.5%
Copa Holdings SA, Class A
516
59,644
Peru — 1.0%
Credicorp Ltd.
333
108,083
Portugal — 0.5%
Jeronimo Martins SGPS SA
2,208
53,018
Saudi Arabia — 0.5%
Al Rajhi Bank
2,806
51,450
Singapore — 0.9%
Grab Holdings Ltd., Class A *
14,137
54,002
Sea Ltd., ADR *
540
45,831
 
99,833
South Africa — 1.0%
Capitec Bank Holdings Ltd.
399
103,583
SEE NOTES TO FINANCIAL STATEMENTS.
 
6
J.P. Morgan International Equity Funds
April 30, 2026
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
South Korea — 17.8%
Coupang, Inc. *
2,756
55,061
Hanwha Aerospace Co. Ltd.
298
284,735
Kia Corp.
595
61,403
Samsung Biologics Co. Ltd. * (b)
59
58,586
Samsung Electronics Co. Ltd.
3,735
562,470
SK hynix, Inc.
1,034
922,288
 
1,944,543
Spain — 1.7%
Banco Bilbao Vizcaya Argentaria SA
8,464
186,903
Taiwan — 22.9%
Asia Vital Components Co. Ltd.
843
77,171
Chroma ATE, Inc.
1,233
84,251
Delta Electronics, Inc.
2,975
208,623
Elite Material Co. Ltd.
1,270
189,223
MediaTek, Inc.
819
68,389
MPI Corp.
888
142,581
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
998
395,383
Taiwan Semiconductor Manufacturing Co. Ltd.
19,100
1,325,958
 
2,491,579
Turkey — 2.5%
Aselsan Elektronik Sanayi ve Ticaret A/S
19,507
181,640
BIM Birlesik Magazalar A/S
3,942
64,758
Turkiye Garanti Bankasi A/S
9,295
27,521
 
273,919
United Arab Emirates — 1.8%
Abu Dhabi Islamic Bank PJSC
11,111
66,346
Emaar Properties PJSC
38,546
124,119
 
190,465
United States — 1.0%
Monolithic Power Systems, Inc.
68
109,517
Total Common Stocks
(Cost $6,107,510)
10,919,819
Short-Term Investments — 1.8%
Investment Companies — 0.2%
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.66% (c) (d)
(Cost $20,784)
20,781
20,785
INVESTMENTS
SHARES
(000)
VALUE
($000)
Total Common Stocks
(Cost $6,107,510)
10,919,819
Investment of Cash Collateral from Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66% (c) (d)(Cost
$180,631)
180,631
180,631
Total Short-Term Investments
(Cost $201,415)
201,416
Total Investments — 102.0%
(Cost $6,308,925)
11,121,235
Liabilities in Excess of Other Assets — (2.0)%
(222,144
)
NET ASSETS — 100.0%
10,899,091
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
PJSC
Public Joint Stock Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
PT
Limited liability company
SGPS
Holding company
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at April 30,
2026. The total value of securities on loan at April 30, 2026 is
$177,380.
(b)
Security exempt from registration pursuant to Regulation S under
the Securities Act of 1933, as amended. Regulation S applies to
securities offerings that are made outside of the United States and
do not involve direct selling efforts in the United States and as
such may have restrictions on resale.
(c)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(d)
The rate shown is the current yield as of April 30, 2026.
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
7
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2026
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Semiconductors & Semiconductor Equipment
28.5
%
Banks
10.1
Aerospace & Defense
5.8
Technology Hardware, Storage & Peripherals
5.8
Electronic Equipment, Instruments & Components
4.3
Electrical Equipment
4.1
Broadline Retail
4.1
Oil, Gas & Consumable Fuels
3.6
Interactive Media & Services
3.4
Hotels, Restaurants & Leisure
3.3
Consumer Finance
2.9
Machinery
2.7
Capital Markets
2.4
Wireless Telecommunication Services
2.1
Metals & Mining
1.8
Automobiles
1.6
Insurance
1.6
Communications Equipment
1.2
Real Estate Management & Development
1.1
Consumer Staples Distribution & Retail
1.1
Others (each less than 1.0%)
6.7
Short-Term Investments
1.8
SEE NOTES TO FINANCIAL STATEMENTS.
 
8
J.P. Morgan International Equity Funds
April 30, 2026
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 102.3%
Australia — 0.3%
Anglogold Ashanti plc
70
6,512
Brazil — 5.7%
Axia Energia SA
577
7,243
Axia Energia SA (Preference) *
122
1,465
B3 SA - Brasil Bolsa Balcao
1,806
6,590
Banco BTG Pactual SA
407
4,889
Banco Santander Brasil SA
283
1,665
Cia de Saneamento Basico do Estado de Sao Paulo
SABESP
180
1,206
Embraer SA
136
2,115
Gerdau SA (Preference)
220
1,007
Itau Unibanco Holding SA (Preference)
1,457
12,744
Itausa SA (Preference)
1,945
5,464
Localiza Rent a Car SA
38
359
MercadoLibre, Inc. *
1
1,547
Motiva Infraestrutura de Mobilidade SA
1,496
4,849
NU Holdings Ltd., Class A *
749
10,841
Petroleo Brasileiro SA (Preference)
2,218
22,109
Porto Seguro SA
297
2,999
Raia Drogasil SA
201
889
Telefonica Brasil SA
786
6,255
TIM SA, ADR
91
2,356
TOTVS SA
140
907
Vale SA, ADR
957
15,665
Vibra Energia SA
661
4,453
 
117,617
Chile — 0.1%
Banco Santander Chile, ADR
95
3,046
China — 24.4%
3SBio, Inc. (a)
511
1,528
Advanced Micro-Fabrication Equipment, Inc., Class A
23
1,271
Airtac International Group
58
2,712
Alibaba Group Holding Ltd.
3,142
51,786
Anjoy Foods Group Co. Ltd., Class A
78
1,249
ANTA Sports Products Ltd.
681
7,132
BAIC BluePark New Energy Technology Co. Ltd.,
Class A *
903
944
Baidu, Inc., Class A *
156
2,460
Bank of China Ltd., Class H
10,169
6,603
Beijing Huafeng Test & Control Technology Co. Ltd.,
Class A *
54
2,782
BYD Co. Ltd., Class H
695
9,242
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
China — continued
Changzhou Xingyu Automotive Lighting Systems Co.
Ltd., Class A
51
926
China Coal Energy Co. Ltd., Class H
775
1,450
China Construction Bank Corp., Class H
20,515
23,158
China Hongqiao Group Ltd.
1,434
6,070
China International Capital Corp. Ltd., Class H (a)
1,099
2,869
China Life Insurance Co. Ltd., Class H
2,488
9,179
China Mengniu Dairy Co. Ltd.
429
955
China Merchants Bank Co. Ltd., Class A
76
424
China Merchants Bank Co. Ltd., Class H
1,499
9,076
China Minsheng Banking Corp. Ltd., Class H
4,236
1,933
China Nonferrous Mining Corp. Ltd.
911
1,584
China Pacific Insurance Group Co. Ltd., Class H
1,083
4,728
China Resources Land Ltd.
247
1,037
China Resources Mixc Lifestyle Services Ltd. (a)
502
3,029
China Shenhua Energy Co. Ltd., Class H
1,165
7,237
China Yangtze Power Co. Ltd., Class A
1,175
4,701
Chuangxin Industries Holdings Ltd.
539
1,566
CITIC Securities Co. Ltd., Class H
1,255
4,455
CMOC Group Ltd., Class H
2,550
5,831
Contemporary Amperex Technology Co. Ltd., Class A
156
10,020
COSCO SHIPPING Holdings Co. Ltd., Class A
2,223
4,606
ENN Energy Holdings Ltd.
625
4,904
Foshan Haitian Flavouring & Food Co. Ltd., Class A
721
4,086
Foxconn Industrial Internet Co. Ltd., Class A
600
5,576
Fuyao Glass Industry Group Co. Ltd., Class H (a)
506
3,844
Geely Automobile Holdings Ltd.
987
2,887
GF Securities Co. Ltd., Class A
727
2,266
Guangdong Haid Group Co. Ltd., Class A
304
2,225
H World Group Ltd.
1,034
5,336
Haidilao International Holding Ltd. (a)
2,937
5,417
Haier Smart Home Co. Ltd., Class H
775
2,190
Haitian International Holdings Ltd.
238
646
Hangzhou Tigermed Consulting Co. Ltd., Class A
125
1,021
Industrial & Commercial Bank of China Ltd., Class H
9,865
8,888
Innovent Biologics, Inc. * (a)
346
4,040
Jason Furniture Hangzhou Co. Ltd., Class A
410
1,743
JD Health International, Inc. * (a)
99
587
JD.com, Inc., Class A
267
4,043
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
484
3,831
Kunlun Energy Co. Ltd.
2,358
2,269
Kweichow Moutai Co. Ltd., Class A
23
4,705
Loncin Motor Co. Ltd., Class A
881
1,980
Meituan * (a)
585
6,295
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
9
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
China — continued
Midea Group Co. Ltd., Class A
370
4,402
MINISO Group Holding Ltd.
536
1,976
Montage Technology Co. Ltd., Class A
165
4,248
NAURA Technology Group Co. Ltd., Class A
21
1,642
NetEase, Inc.
467
10,921
New China Life Insurance Co. Ltd., Class H
148
970
Nongfu Spring Co. Ltd., Class H (a)
639
3,862
PDD Holdings, Inc., ADR *
109
10,895
PetroChina Co. Ltd., Class H
8,158
12,584
Pharmaron Beijing Co. Ltd., Class A
224
966
PICC Property & Casualty Co. Ltd., Class H
1,674
3,025
Ping An Insurance Group Co. of China Ltd., Class H
1,837
14,931
Pop Mart International Group Ltd. (a) (b)
20
399
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A
39
825
Shenzhou International Group Holdings Ltd.
595
3,626
Sieyuan Electric Co. Ltd., Class A
81
2,326
Sungrow Power Supply Co. Ltd., Class A
146
2,980
Tencent Holdings Ltd.
1,239
75,261
Tencent Music Entertainment Group, ADR
95
868
Tianshan Aluminum Group Co. Ltd., Class A
1,075
2,645
Tingyi Cayman Islands Holding Corp.
2,341
3,612
Trip.com Group Ltd. *
99
5,349
Weichai Power Co. Ltd., Class H
1,632
8,113
WUS Printed Circuit Kunshan Co. Ltd., Class A
535
8,143
WuXi AppTec Co. Ltd., Class H (a)
353
6,209
Wuxi Biologics Cayman, Inc. * (a)
623
2,662
XCMG Construction Machinery Co. Ltd., Class A
1,686
2,463
Xiaomi Corp., Class B * (a)
2,656
9,965
Xtep International Holdings Ltd.
2,577
1,416
Yum China Holdings, Inc.
164
8,010
Zhuzhou CRRC Times Electric Co. Ltd., Class H
597
2,728
Zijin Mining Group Co. Ltd., Class H
2,484
11,536
ZTO Express Cayman, Inc.
240
6,086
 
506,966
Colombia — 0.2%
Grupo Cibest SA, ADR
61
4,151
Greece — 1.1%
Eurobank SA
991
4,313
Hellenic Telecommunications Organization SA
205
4,373
National Bank of Greece SA
458
7,266
Piraeus Bank SA *
674
6,376
 
22,328
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Guatemala — 0.1%
Millicom International Cellular SA
35
2,955
Hong Kong — 0.2%
Prudential plc
127
1,917
Techtronic Industries Co. Ltd.
110
1,588
 
3,505
Hungary — 0.6%
MOL Hungarian Oil & Gas plc
146
1,950
OTP Bank Nyrt.
83
11,141
 
13,091
India — 11.8%
Apollo Hospitals Enterprise Ltd.
52
4,184
Ashok Leyland Ltd.
1,281
2,201
Axis Bank Ltd.
804
10,784
Bajaj Auto Ltd.
41
4,286
Bajaj Finance Ltd.
686
6,814
Bharat Electronics Ltd.
729
3,329
Bharat Petroleum Corp. Ltd.
739
2,353
Bharti Airtel Ltd.
461
9,215
Biocon Ltd.
158
602
Blue Star Ltd.
61
1,160
Britannia Industries Ltd.
47
2,864
CG Power & Industrial Solutions Ltd.
599
5,148
Cholamandalam Investment and Finance Co. Ltd.
209
3,461
Coal India Ltd.
279
1,419
Coforge Ltd.
101
1,283
Coromandel International Ltd.
32
661
Dr Reddy's Laboratories Ltd.
548
7,653
Embassy Office Parks, REIT
149
668
Eternal Ltd. *
1,066
2,797
Havells India Ltd.
209
2,735
HCL Technologies Ltd.
103
1,304
HDFC Asset Management Co. Ltd. (a)
48
1,390
HDFC Bank Ltd.
2,491
20,376
HDFC Life Insurance Co. Ltd. (a)
202
1,258
Hindalco Industries Ltd.
784
8,612
Hindustan Petroleum Corp. Ltd.
215
854
ICICI Bank Ltd.
1,267
17,002
ICICI Lombard General Insurance Co. Ltd. (a)
142
2,658
Indian Hotels Co. Ltd. (The)
759
5,110
Infosys Ltd., ADR (b)
853
10,632
Kotak Mahindra Bank Ltd.
1,724
7,002
Larsen & Toubro Ltd.
47
1,991
SEE NOTES TO FINANCIAL STATEMENTS.
 
10
J.P. Morgan International Equity Funds
April 30, 2026
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
India — continued
Mahindra & Mahindra Ltd.
229
7,497
MakeMyTrip Ltd. *
6
286
Malco Energy Ltd. ‡ *
409
521
Marico Ltd.
235
1,921
Maruti Suzuki India Ltd.
36
5,037
Max Financial Services Ltd. *
118
1,976
National Aluminium Co. Ltd.
243
1,030
NTPC Ltd.
1,944
8,207
Oil & Natural Gas Corp. Ltd.
806
2,557
PB Fintech Ltd. *
62
1,091
Petronet LNG Ltd.
704
2,061
Polycab India Ltd.
60
5,154
Power Grid Corp. of India Ltd.
1,546
5,206
Reliance Industries Ltd.
1,344
20,384
SBI Life Insurance Co. Ltd. (a)
166
3,189
State Bank of India
76
862
Talwandi Sabo Power Ltd. ‡ *
409
521
Tata Consultancy Services Ltd.
228
5,977
Tata Motors Ltd. *
484
2,113
Tata Power Co. Ltd. (The)
434
2,042
Tata Steel Ltd.
2,725
6,093
Tube Investments of India Ltd.
118
3,663
UltraTech Cement Ltd.
8
1,001
Varun Beverages Ltd.
448
2,442
Vedanta Aluminium Metal Ltd. ‡ *
409
521
Vedanta Iron and Steel Ltd. ‡ *
409
521
Vedanta Ltd.
409
1,174
 
244,853
Indonesia — 0.9%
Astra International Tbk. PT
6,128
2,123
Bank Central Asia Tbk. PT
18,911
6,412
Bank Rakyat Indonesia Persero Tbk. PT
18,188
3,146
Telkom Indonesia Persero Tbk. PT
22,899
3,746
United Tractors Tbk. PT
1,504
2,524
 
17,951
Kazakhstan — 0.1%
Kaspi.KZ JSC, ADR
14
1,197
Kuwait — 0.1%
Kuwait Finance House KSCP
530
1,361
Malaysia — 0.6%
Malayan Banking Bhd.
2,675
7,470
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Malaysia — continued
Public Bank Bhd.
1,799
2,122
Telekom Malaysia Bhd.
1,541
2,905
 
12,497
Mexico — 2.2%
America Movil SAB de CV
6,174
8,214
Arca Continental SAB de CV (b)
539
6,478
Cemex SAB de CV
5,424
6,663
Grupo Aeroportuario del Sureste SAB de CV, Class B (b)
152
4,630
Grupo Financiero Banorte SAB de CV, Class O
937
10,206
Grupo Mexico SAB de CV
361
3,958
Southern Copper Corp.
4
658
Wal-Mart de Mexico SAB de CV
1,765
5,582
 
46,389
Panama — 0.1%
Copa Holdings SA, Class A
14
1,656
Peru — 0.4%
Credicorp Ltd.
29
9,261
Philippines — 0.1%
BDO Unibank, Inc.
978
1,828
Poland — 0.5%
KGHM Polska Miedz SA *
53
4,469
Powszechny Zaklad Ubezpieczen SA
331
5,819
 
10,288
Qatar — 0.4%
Qatar National Bank QPSC
1,720
8,197
Russia — 0.0%
Gazprom PJSC ‡ *
4,581
—
(c)
GMK Norilskiy Nickel PAO, ADR ‡ *
—
—
(c)
GMK Norilskiy Nickel PAO ‡ *
4,097
—
(c)
Magnitogorsk Iron & Steel Works PJSC ‡ *
3,146
—
(c)
Novatek PJSC ‡ *
165
—
(c)
Rosneft Oil Co. PJSC ‡ *
833
—
(c)
Sberbank of Russia PJSC ‡ *
3,172
—
(c)
Severstal PAO, GDR ‡ * (a)
329
—
(c)
 
—
(c)
Saudi Arabia — 2.1%
Ades Holding Co.
278
1,460
Al Rajhi Bank
811
14,867
Etihad Etisalat Co.
278
4,833
Mouwasat Medical Services Co.
20
354
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
11
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Saudi Arabia — continued
SABIC Agri-Nutrients Co.
61
2,375
Saudi Arabian Oil Co. (a)
759
5,626
Saudi National Bank (The)
941
9,860
Saudi Telecom Co.
329
3,821
 
43,196
Singapore — 0.0% ^
Sea Ltd., ADR *
5
436
South Africa — 3.3%
Absa Group Ltd. (b)
404
5,658
Bidvest Group Ltd.
243
3,411
Capitec Bank Holdings Ltd.
8
1,999
Clicks Group Ltd.
162
2,579
FirstRand Ltd.
1,172
6,216
Gold Fields Ltd.
216
9,131
Harmony Gold Mining Co. Ltd.
345
5,438
Impala Platinum Holdings Ltd.
120
1,687
MTN Group Ltd.
585
7,343
Naspers Ltd., Class N
90
4,868
Sanlam Ltd.
674
3,473
Sasol Ltd. *
280
3,890
Shoprite Holdings Ltd.
362
6,109
Sibanye Stillwater Ltd.
798
2,385
Valterra Platinum Ltd.
26
2,103
Woolworths Holdings Ltd.
536
1,679
 
67,969
South Korea — 18.9%
APR Corp.
12
3,518
Celltrion, Inc.
6
873
Coupang, Inc. *
57
1,147
DB Insurance Co. Ltd.
15
1,750
Doosan Enerbility Co. Ltd. *
61
5,344
Hana Financial Group, Inc.
86
7,463
Hankook Tire & Technology Co. Ltd.
28
1,134
Hanmi Pharm Co. Ltd.
3
875
Hanwha Aerospace Co. Ltd.
9
8,550
HD Hyundai Co. Ltd.
25
5,395
HD Hyundai Electric Co. Ltd.
8
7,113
HD Hyundai Heavy Industries Co. Ltd.
3
1,170
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
22
6,817
Hugel, Inc. *
12
2,028
Hyosung Heavy Industries Corp.
3
7,931
Hyundai Glovis Co. Ltd.
30
4,630
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
South Korea — continued
Hyundai Mobis Co. Ltd.
23
6,710
Hyundai Motor Co.
24
8,590
Hyundai Rotem Co. Ltd.
7
1,308
JB Financial Group Co. Ltd.
124
2,284
JYP Entertainment Corp.
60
2,589
KakaoBank Corp.
145
2,395
KB Financial Group, Inc.
62
6,822
Kia Corp.
77
7,905
Korea Investment Holdings Co. Ltd.
8
1,377
KT Corp., ADR
101
2,158
LG Chem Ltd.
5
1,382
LG Corp.
31
2,097
LS Electric Co. Ltd.
14
2,604
POSCO Holdings, Inc.
17
5,208
Samsung Biologics Co. Ltd. * (a)
7
6,621
Samsung C&T Corp.
27
5,446
Samsung Electro-Mechanics Co. Ltd.
2
1,318
Samsung Electronics Co. Ltd.
969
145,929
Samsung Fire & Marine Insurance Co. Ltd.
9
2,901
Samsung SDI Co. Ltd. *
3
1,375
Shinhan Financial Group Co. Ltd.
132
8,957
SK hynix, Inc.
102
90,931
SK Square Co. Ltd. *
9
5,125
SK, Inc.
13
3,823
S-Oil Corp.
22
2,011
 
393,604
Taiwan — 25.9%
Accton Technology Corp.
195
14,288
Advantech Co. Ltd.
470
5,373
ASE Technology Holding Co. Ltd.
906
14,202
Asia Vital Components Co. Ltd.
126
11,531
ASPEED Technology, Inc.
4
1,994
Bizlink Holding, Inc.
108
9,675
Cathay Financial Holding Co. Ltd.
3,318
8,099
CTBC Financial Holding Co. Ltd.
5,919
9,790
Delta Electronics, Inc.
479
33,625
Eclat Textile Co. Ltd.
77
813
Elite Material Co. Ltd.
121
18,012
eMemory Technology, Inc.
16
2,090
Eva Airways Corp.
940
995
Formosa Chemicals & Fibre Corp.
957
1,593
Fubon Financial Holding Co. Ltd.
691
1,969
Gold Circuit Electronics Ltd.
176
7,967
SEE NOTES TO FINANCIAL STATEMENTS.
 
12
J.P. Morgan International Equity Funds
April 30, 2026
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Taiwan — continued
Hon Hai Precision Industry Co. Ltd.
2,824
19,954
Lotes Co. Ltd.
43
3,662
MediaTek, Inc.
175
14,582
Nan Ya Plastics Corp.
1,006
2,887
Nien Made Enterprise Co. Ltd.
196
2,194
Quanta Computer, Inc.
1,010
10,069
Realtek Semiconductor Corp.
279
4,766
SinoPac Financial Holdings Co. Ltd.
916
898
Taiwan Mobile Co. Ltd.
862
3,033
Taiwan Semiconductor Manufacturing Co. Ltd.
4,368
303,213
Uni-President Enterprises Corp.
1,294
2,834
Vanguard International Semiconductor Corp.
440
2,045
Wistron Corp.
1,162
5,116
Wiwynn Corp.
70
10,532
Yuanta Financial Holding Co. Ltd.
4,820
7,986
Zhen Ding Technology Holding Ltd.
256
3,454
 
539,241
Thailand — 1.2%
Bangkok Dusit Medical Services PCL, Class F
8,665
4,866
Bumrungrad Hospital PCL
709
3,931
Delta Electronics Thailand PCL, NVDR
283
2,770
Krung Thai Bank PCL
3,085
3,123
PTT Exploration & Production PCL
1,328
6,305
SCB X PCL, NVDR
773
3,108
 
24,103
Turkey — 0.2%
BIM Birlesik Magazalar A/S
247
4,059
Turkiye Petrol Rafinerileri A/S
165
992
 
5,051
United Arab Emirates — 0.7%
Abu Dhabi Islamic Bank PJSC
798
4,764
Americana Restaurants International plc - Foreign Co.
1,966
1,065
Emaar Properties PJSC
1,027
3,309
Emirates NBD Bank PJSC
188
1,483
Emirates Telecommunications Group Co. PJSC
1,003
5,081
 
15,702
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
United States — 0.1%
ExlService Holdings, Inc. *
17
539
Genpact Ltd.
40
1,401
 
1,940
Total Common Stocks
(Cost $1,270,831)
2,126,891
Short-Term Investments — 3.5%
Investment Companies — 2.6%
JPMorgan Prime Money Market Fund Class Institutional
Shares, 3.66% (d) (e)
(Cost $53,552)
53,541
53,552
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66% (d) (e)(Cost
$19,056)
19,056
19,056
Total Short-Term Investments
(Cost $72,608)
72,608
Total Investments — 105.8%
(Cost $1,343,439)
2,199,499
Liabilities in Excess of Other Assets — (5.8)%
(120,819
)
NET ASSETS — 100.0%
2,078,680
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a
thousand.
 
Abbreviations
 
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
JSC
Joint Stock Company
NVDR
Non-Voting Depositary Receipt
PJSC
Public Joint Stock Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
PT
Limited liability company
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
13
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited) (continued)
(a)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(b)
The security or a portion of this security is on loan at
April 30, 2026. The total value of securities on loan at
April 30, 2026 is $18,317.
 
(c)
Value is zero.
 
(d)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(e)
The rate shown is the current yield as of April 30,
2026.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
14
J.P. Morgan International Equity Funds
April 30, 2026
Summary of Investments by Industry, April 30, 2026
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Semiconductors & Semiconductor Equipment
20.2
%
Banks
13.9
Technology Hardware, Storage & Peripherals
9.0
Electronic Equipment, Instruments & Components
4.8
Metals & Mining
4.8
Oil, Gas & Consumable Fuels
4.4
Broadline Retail
3.6
Interactive Media & Services
3.5
Insurance
3.3
Electrical Equipment
2.8
Automobiles
2.2
Hotels, Restaurants & Leisure
1.8
Wireless Telecommunication Services
1.7
Machinery
1.5
Diversified Telecommunication Services
1.3
Capital Markets
1.1
Industrial Conglomerates
1.0
Others (each less than 1.0%)
15.8
Short-Term Investments
3.3
Futures contracts outstanding as of April 30, 2026 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI Emerging Markets Index
648
06/19/2026
USD
51,902
743
 
Abbreviations
 
MSCI
Morgan Stanley Capital International
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
15
JPMorgan Europe Dynamic Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 92.7%
Australia — 2.0%
Rio Tinto plc
142
14,271
Austria — 0.7%
BAWAG Group AG (a)
30
5,203
Belgium — 1.2%
UCB SA * (b)
32
8,721
Denmark — 2.9%
Carlsberg A/S, Class B (b)
109
14,812
Novo Nordisk A/S, Class B
133
5,635
 
20,447
France — 15.0%
Air Liquide SA
68
14,707
Arkema SA
117
8,537
Capgemini SE
48
5,795
Engie SA (b)
415
13,697
Gaztransport Et Technigaz SA
29
6,950
LVMH Moet Hennessy Louis Vuitton SE
8
4,436
Pernod Ricard SA (b)
110
8,179
Safran SA
47
15,007
Societe Generale SA
117
9,407
SPIE SA
197
11,430
Thales SA
29
7,849
 
105,994
Germany — 13.1%
Allianz SE (Registered)
47
21,554
Bayer AG (Registered)
121
5,399
Bilfinger SE
51
5,922
Continental AG *
75
5,686
Deutsche Boerse AG
39
11,926
Evonik Industries AG
320
6,619
Friedrich Vorwerk Group SE
24
2,086
Nordex SE * (b)
165
9,412
RWE AG
137
9,964
Siemens Energy AG
66
13,922
 
92,490
Italy — 5.3%
Coca-Cola HBC AG
144
8,380
Danieli & C Officine Meccaniche SpA
88
4,929
Maire SpA
285
5,282
UniCredit SpA
144
11,140
Unipol Assicurazioni SpA
307
8,029
 
37,760
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Netherlands — 14.2%
ASM International NV
10
9,294
ASML Holding NV
25
36,617
ASR Nederland NV
128
9,677
Euronext NV (a)
65
10,920
ING Groep NV
490
14,183
Koninklijke Ahold Delhaize NV
328
15,424
SBM Offshore NV
103
4,415
 
100,530
Norway — 1.0%
Kitron ASA
633
6,833
Spain — 4.1%
Banco Santander SA
1,667
20,348
Indra Sistemas SA (b)
148
8,509
 
28,857
Sweden — 1.7%
Asmodee Group AB, Class B *
311
4,172
Telia Co. AB (b)
1,531
8,005
 
12,177
Switzerland — 8.2%
Accelleron Industries AG
35
3,757
Cie Financiere Richemont SA (Registered)
60
11,442
Galderma Group AG
50
10,479
Nestle SA (Registered)
240
24,276
Temenos AG (Registered)
80
7,586
VAT Group AG (a)
—
462
 
58,002
United Kingdom — 17.7%
Balfour Beatty plc
907
10,075
Barclays plc
2,401
14,112
Cranswick plc
102
7,490
Games Workshop Group plc
27
7,165
GSK plc
450
11,804
Halma plc
114
6,880
Keller Group plc
224
6,820
Mitie Group plc
2,339
5,530
NatWest Group plc
1,689
13,473
Next plc
48
8,428
Rolls-Royce Holdings plc
718
11,556
Sage Group plc (The)
679
8,099
SSE plc
377
13,485
 
124,917
SEE NOTES TO FINANCIAL STATEMENTS.
 
16
J.P. Morgan International Equity Funds
April 30, 2026
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United States — 5.6%
InterContinental Hotels Group plc
22
3,129
Sanofi SA
167
15,663
Shell plc
464
21,077
 
39,869
Total Common Stocks
(Cost $505,711)
656,071
Short-Term Investments — 7.8%
Investment Companies — 4.5%
JPMorgan Prime Money Market Fund Class Institutional
Shares, 3.66% (c) (d)
(Cost $31,870)
31,866
31,872
Investment of Cash Collateral from Securities Loaned — 3.3%
JPMorgan Securities Lending Money Market Fund Agency
SL Class Shares, 3.66% (c) (d)(Cost $23,457)
23,457
23,457
Total Short-Term Investments
(Cost $55,327)
55,329
Total Investments — 100.5%
(Cost $561,038)
711,400
Liabilities in Excess of Other Assets — (0.5)%
(3,454
)
NET ASSETS — 100.0%
707,946
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a
thousand.
 
*
Non-income producing security.
(a)
Security exempt from registration pursuant to Regulation S under
the Securities Act of 1933, as amended. Regulation S applies to
securities offerings that are made outside of the United States and
do not involve direct selling efforts in the United States and as
such may have restrictions on resale.
(b)
The security or a portion of this security is on loan at April 30,
2026. The total value of securities on loan at April 30, 2026 is
$22,521.
(c)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(d)
The rate shown is the current yield as of April 30, 2026.
Summary of Investments by Industry, April 30, 2026
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
12.4
%
Pharmaceuticals
8.1
Semiconductors & Semiconductor Equipment
6.5
Insurance
5.5
Aerospace & Defense
4.8
Food Products
4.5
Beverages
4.4
Oil, Gas & Consumable Fuels
4.2
Chemicals
4.2
Electrical Equipment
3.8
Commercial Services & Supplies
3.2
Capital Markets
3.2
Construction & Engineering
3.1
Textiles, Apparel & Luxury Goods
2.2
Software
2.2
Consumer Staples Distribution & Retail
2.2
IT Services
2.0
Metals & Mining
2.0
Electronic Equipment, Instruments & Components
1.9
Multi-Utilities
1.9
Electric Utilities
1.9
Leisure Products
1.6
Independent Power and Renewable Electricity Producers
1.4
Broadline Retail
1.2
Diversified Telecommunication Services
1.1
Others (each less than 1.0%)
2.7
Short-Term Investments
7.8
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
17
JPMorgan Europe Dynamic Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2026 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index
392
06/19/2026
EUR
26,896
440
FTSE 100 Index
107
06/19/2026
GBP
15,111
16
 
456
 
Abbreviations
 
EUR
Euro
FTSE
Financial Times and the London Stock Exchange
GBP
British Pound
SEE NOTES TO FINANCIAL STATEMENTS.
 
18
J.P. Morgan International Equity Funds
April 30, 2026
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 97.8%
Australia — 5.4%
Commonwealth Bank of Australia
275
34,626
Glencore plc
3,873
30,101
Medibank Pvt Ltd.
10,048
34,165
Rio Tinto Ltd.
378
46,323
Rio Tinto plc
741
74,666
Telstra Group Ltd.
17,287
66,392
 
286,273
Austria — 0.8%
Erste Group Bank AG
402
44,459
Belgium — 1.5%
KBC Group NV
389
51,760
UCB SA * (a)
100
27,289
 
79,049
Denmark — 0.7%
Novonesis Novozymes B
607
37,288
Finland — 1.5%
Nordea Bank Abp
4,156
78,160
France — 10.0%
Air Liquide SA
353
75,927
Capgemini SE
277
33,697
Engie SA (a)
2,733
90,107
Legrand SA
610
109,257
Safran SA
363
116,602
TotalEnergies SE
1,092
101,506
 
527,096
Germany — 9.9%
Allianz SE (Registered)
210
96,011
Continental AG *
331
25,035
Deutsche Telekom AG (Registered)
1,906
61,572
Infineon Technologies AG (a)
1,205
81,035
Muenchener Rueckversicherungs-Gesellschaft AG
(Registered)
135
80,875
RWE AG
683
49,713
Siemens AG (Registered)
436
129,559
 
523,800
Greece — 1.0%
National Bank of Greece SA
3,275
51,897
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Hong Kong — 2.4%
AIA Group Ltd.
8,729
95,836
Hong Kong Exchanges & Clearing Ltd.
588
31,329
 
127,165
Ireland — 0.6%
Kingspan Group plc
362
33,468
Italy — 2.6%
Ferrari NV (a)
73
25,332
Ryanair Holdings plc, ADR
738
40,345
UniCredit SpA
931
71,893
 
137,570
Japan — 21.7%
Ajinomoto Co., Inc.
2,389
76,774
Asics Corp.
1,072
30,445
Hitachi Ltd.
2,259
71,823
Hoya Corp.
373
69,730
IHI Corp.
1,321
24,129
ITOCHU Corp.
5,413
67,088
Kao Corp.
1,186
44,192
Keyence Corp.
112
51,416
Kubota Corp.
1,958
31,966
Mitsubishi UFJ Financial Group, Inc.
6,365
114,332
Mitsui Fudosan Co. Ltd.
4,386
48,033
Nintendo Co. Ltd.
641
31,367
Obayashi Corp.
1,957
46,003
Sony Group Corp.
4,604
92,237
Sumitomo Electric Industries Ltd.
1,053
69,317
Sumitomo Realty & Development Co. Ltd.
904
28,027
Suzuki Motor Corp.
3,293
36,821
Tokio Marine Holdings, Inc.
1,355
62,064
Tokyo Electron Ltd.
328
96,597
Toyota Motor Corp.
2,717
52,162
 
1,144,523
Netherlands — 5.2%
ASML Holding NV
122
176,459
Koninklijke Ahold Delhaize NV
862
40,494
Koninklijke KPN NV
10,443
55,842
 
272,795
Singapore — 2.5%
DBS Group Holdings Ltd.
2,238
103,194
Sea Ltd., ADR *
307
26,105
 
129,299
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
19
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Spain — 3.9%
Banco Santander SA
7,705
94,013
Iberdrola SA
2,948
69,124
Industria de Diseno Textil SA (a)
686
41,030
 
204,167
Sweden — 3.5%
Atlas Copco AB, Class A
3,948
75,869
Volvo AB, Class B
3,034
105,747
 
181,616
Switzerland — 3.6%
Cie Financiere Richemont SA (Registered)
358
68,749
Lonza Group AG (Registered)
38
23,222
Nestle SA (Registered)
959
97,110
 
189,081
Taiwan — 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
138
54,846
United Kingdom — 13.2%
3i Group plc
1,062
36,915
AstraZeneca plc
653
123,914
BAE Systems plc
2,664
74,086
British American Tobacco plc
1,395
82,133
Compass Group plc
2,021
57,117
London Stock Exchange Group plc
375
48,649
NatWest Group plc
8,990
71,706
Next plc
207
36,556
RELX plc
1,167
42,676
SSE plc
1,198
42,903
Standard Chartered plc
3,032
77,214
 
693,869
United States — 6.8%
InterContinental Hotels Group plc
274
39,241
Novartis AG (Registered)
643
94,950
Roche Holding AG
247
100,642
Shell plc
2,666
121,231
 
356,064
Total Common Stocks
(Cost $3,525,494)
5,152,485
Short-Term Investments — 3.0%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.66% (b) (c)
(Cost $114,615)
114,598
114,621
INVESTMENTS
SHARES
(000)
VALUE
($000)
Total Common Stocks
(Cost $3,525,494)
5,152,485
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66% (b) (c)(Cost
$45,570)
45,570
45,570
Total Short-Term Investments
(Cost $160,185)
160,191
Total Investments — 100.8%
(Cost $3,685,679)
5,312,676
Liabilities in Excess of Other Assets — (0.8)%
(41,091
)
NET ASSETS — 100.0%
5,271,585
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at April 30,
2026. The total value of securities on loan at April 30, 2026 is
$43,888.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of April 30, 2026.
SEE NOTES TO FINANCIAL STATEMENTS.
 
20
J.P. Morgan International Equity Funds
April 30, 2026
Summary of Investments by Industry, April 30, 2026
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
14.9
%
Semiconductors & Semiconductor Equipment
7.7
Insurance
6.9
Pharmaceuticals
6.5
Machinery
4.5
Oil, Gas & Consumable Fuels
4.2
Industrial Conglomerates
3.8
Aerospace & Defense
3.6
Diversified Telecommunication Services
3.5
Food Products
3.3
Metals & Mining
2.8
Capital Markets
2.2
Automobiles
2.2
Chemicals
2.1
Electric Utilities
2.1
Electrical Equipment
2.1
Textiles, Apparel & Luxury Goods
1.9
Hotels, Restaurants & Leisure
1.8
Automobile Components
1.8
Household Durables
1.7
Multi-Utilities
1.7
Tobacco
1.5
Real Estate Management & Development
1.4
Health Care Equipment & Supplies
1.3
Trading Companies & Distributors
1.3
Broadline Retail
1.2
Electronic Equipment, Instruments & Components
1.0
Others (each less than 1.0%)
8.0
Short-Term Investments
3.0
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
21
JPMorgan International Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 98.6%
Australia — 3.6%
Rio Tinto plc
355
35,752
Telstra Group Ltd.
5,539
21,272
 
57,024
Belgium — 2.4%
KBC Group NV
215
28,584
UCB SA *
37
10,235
 
38,819
Brazil — 2.3%
Itausa SA (Preference)
8,335
23,414
MercadoLibre, Inc. *
7
12,631
 
36,045
Canada — 4.3%
Canadian Natural Resources Ltd.
302
14,400
Royal Bank of Canada
209
37,660
WSP Global, Inc.
97
16,107
 
68,167
China — 7.4%
Alibaba Group Holding Ltd.
1,950
32,128
Midea Group Co. Ltd., Class H
1,418
16,384
Tencent Holdings Ltd.
628
38,140
XCMG Construction Machinery Co. Ltd., Class A
7,018
10,257
Zijin Mining Group Co. Ltd., Class H
4,448
20,656
 
117,565
Denmark — 0.9%
Novonesis Novozymes B (a)
246
15,126
France — 9.4%
Air Liquide SA
137
29,440
Engie SA (a)
1,446
47,672
Legrand SA
183
32,841
Safran SA
125
39,939
 
149,892
Germany — 8.5%
Deutsche Telekom AG (Registered)
716
23,120
Infineon Technologies AG (a)
461
30,974
Muenchener Rueckversicherungs-Gesellschaft AG
(Registered)
58
35,019
Siemens AG (Registered)
157
46,534
 
135,647
Greece — 1.1%
National Bank of Greece SA
1,074
17,024
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Hong Kong — 1.5%
AIA Group Ltd.
2,126
23,341
India — 2.6%
Bajaj Finance Ltd.
1,647
16,361
HDFC Bank Ltd., ADR
1,012
25,703
 
42,064
Italy — 1.5%
UniCredit SpA
312
24,135
Japan — 13.1%
Ajinomoto Co., Inc.
440
14,148
Asics Corp.
476
13,512
ITOCHU Corp.
1,746
21,635
Keyence Corp.
24
10,962
Mitsubishi UFJ Financial Group, Inc.
2,315
41,582
Obayashi Corp.
1,120
26,346
Sony Group Corp.
1,597
31,998
Sumitomo Electric Industries Ltd.
490
32,259
Tokio Marine Holdings, Inc.
361
16,533
 
208,975
Netherlands — 2.7%
ASML Holding NV
30
43,434
Saudi Arabia — 1.1%
Al Rajhi Bank
992
18,179
Singapore — 2.3%
DBS Group Holdings Ltd.
797
36,765
South Korea — 6.5%
Hanwha Aerospace Co. Ltd.
26
25,307
Kia Corp.
255
26,287
SK hynix, Inc.
58
51,582
 
103,176
Sweden — 2.7%
Atlas Copco AB, Class A
947
18,201
Volvo AB, Class B (a)
722
25,162
 
43,363
Switzerland — 2.0%
Nestle SA (Registered)
323
32,720
Taiwan — 8.1%
Delta Electronics, Inc.
202
14,165
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
140
55,418
Taiwan Semiconductor Manufacturing Co. Ltd.
849
58,939
 
128,522
SEE NOTES TO FINANCIAL STATEMENTS.
 
22
J.P. Morgan International Equity Funds
April 30, 2026
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United Kingdom — 7.0%
British American Tobacco plc
466
27,451
Compass Group plc
741
20,942
NatWest Group plc
2,420
19,300
RELX plc
652
23,857
Standard Chartered plc
780
19,855
 
111,405
United States — 7.6%
Novartis AG (Registered)
174
25,661
Roche Holding AG
70
28,432
Shell plc
1,486
67,587
 
121,680
Total Common Stocks
(Cost $1,135,222)
1,573,068
Short-Term Investments — 1.7%
Investment Companies — 0.6%
JPMorgan Prime Money Market Fund Class Institutional
Shares, 3.66% (b) (c)
(Cost $9,637)
9,635
9,637
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66% (b) (c)(Cost
$17,508)
17,508
17,508
Total Short-Term Investments
(Cost $27,145)
27,145
Total Investments — 100.3%
(Cost $1,162,367)
1,600,213
Liabilities in Excess of Other Assets — (0.3)%
(4,174
)
NET ASSETS — 100.0%
1,596,039
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at April 30,
2026. The total value of securities on loan at April 30, 2026 is
$17,046.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of April 30, 2026.
Summary of Investments by Industry, April 30, 2026
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
18.3
%
Semiconductors & Semiconductor Equipment
15.0
Oil, Gas & Consumable Fuels
5.1
Insurance
4.7
Aerospace & Defense
4.1
Pharmaceuticals
4.0
Metals & Mining
3.5
Machinery
3.3
Household Durables
3.0
Multi-Utilities
3.0
Food Products
2.9
Industrial Conglomerates
2.9
Broadline Retail
2.8
Chemicals
2.8
Diversified Telecommunication Services
2.8
Construction & Engineering
2.7
Interactive Media & Services
2.4
Electrical Equipment
2.1
Automobile Components
2.0
Tobacco
1.7
Automobiles
1.6
Electronic Equipment, Instruments & Components
1.6
Professional Services
1.5
Trading Companies & Distributors
1.4
Hotels, Restaurants & Leisure
1.3
Consumer Finance
1.0
Textiles, Apparel & Luxury Goods
0.8
Short-Term Investments
1.7
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
23
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2026 (Unaudited)
(Amounts in thousands, except per share amounts)
 
 
JPMorgan
Developed
International
Value Fund
JPMorgan
Emerging
Markets
Equity Fund
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund
ASSETS:
Investments in non-affiliates, at value
$3,442,338
$10,919,819
$2,126,891
Investments in affiliates, at value
82,957
20,785
53,552
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)
24,080
180,631
19,056
Cash
3,496
1,764
2,466
Foreign currency, at value
4,542
1,868
896
Deposits at broker for futures contracts
533
—
2,491
Receivables:
Due from custodian
3,863
—
—
Investment securities sold
127,909
40,188
699
Fund shares sold
7,722
5,043
138
Dividends from non-affiliates
17,161
8,894
2,718
Dividends from affiliates
685
73
82
Tax reclaims
4,824
106
17
Securities lending income (See Note 2.C.)
5
79
78
Variation margin on futures contracts
203
—
—
Total Assets
3,720,318
11,179,250
2,209,084
LIABILITIES:
Payables:
Investment securities purchased
184,334
18,627
—
Collateral received on securities loaned (See Note 2.C.)
24,080
180,631
19,056
Fund shares redeemed
1,810
42,577
103,208
Variation margin on futures contracts
—
—
42
Accrued liabilities:
Investment advisory fees
1,345
5,480
350
Administration fees
94
407
80
Distribution fees
131
93
—
Service fees
414
657
28
Custodian and accounting fees
23
170
379
Trustees’ and Chief Compliance Officer’s fees
3
—
(a)
—
Deferred foreign capital gains tax
—
31,075
7,167
Other
713
442
94
Total Liabilities
212,947
280,159
130,404
Net Assets
$3,507,371
$10,899,091
$2,078,680
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
24
J.P. Morgan International Equity Funds
April 30, 2026
 
JPMorgan
Developed
International
Value Fund
JPMorgan
Emerging
Markets
Equity Fund
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund
NET ASSETS:
Paid-in-Capital
$2,807,690
$5,711,845
$1,424,177
Total distributable earnings (loss)
699,681
5,187,246
654,503
Total Net Assets
$3,507,371
$10,899,091
$2,078,680
Net Assets:
Class A
$613,494
$412,028
$—
Class C
10,948
20,445
—
Class I
1,944,320
1,989,427
353,585
Class L
13,237
3,528,158
—
Class R2
1,423
587
—
Class R3
—
4,032
—
Class R4
—
2,519
—
Class R5
4,947
7,707
—
Class R6
919,002
4,934,188
1,725,095
Total
$3,507,371
$10,899,091
$2,078,680
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A
28,403
8,488
—
Class C
524
440
—
Class I
87,092
39,946
14,264
Class L
596
70,315
—
Class R2
67
12
—
Class R3
—
84
—
Class R4
—
51
—
Class R5
224
154
—
Class R6
41,661
98,462
70,000
Net Asset Value (a):
Class A — Redemption price per share
$21.60
$48.54
$—
Class C — Offering price per share (b)
20.92
46.45
—
Class I — Offering and redemption price per share
22.32
49.80
24.79
Class L — Offering and redemption price per share
22.21
50.18
—
Class R2 — Offering and redemption price per share
21.17
47.77
—
Class R3 — Offering and redemption price per share
—
48.26
—
Class R4 — Offering and redemption price per share
—
49.60
—
Class R5 — Offering and redemption price per share
22.05
50.19
—
Class R6 — Offering and redemption price per share
22.06
50.11
24.64
Class A maximum sales charge
5.25
%
5.25
%
—
%
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)]
$22.80
$51.23
$—
Cost of investments in non-affiliates
$2,814,960
$6,107,510
$1,270,831
Cost of investments in affiliates
82,948
20,784
53,552
Cost of foreign currency
4,491
1,868
898
Investment securities on loan, at value (See Note 2.C.)
23,288
177,380
18,317
Cost of investment of cash collateral (See Note 2.C.)
24,080
180,631
19,056
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
25
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2026 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
 
 
JPMorgan
Europe
Dynamic
Fund
JPMorgan
International
Equity Fund
JPMorgan
International
Focus Fund
ASSETS:
Investments in non-affiliates, at value
$656,071
$5,152,485
$1,573,068
Investments in affiliates, at value
31,872
114,621
9,637
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)
23,457
45,570
17,508
Cash
125
350
298
Foreign currency, at value
256
58
5,885
Deposits at broker for futures contracts
2,671
—
—
Receivables:
Investment securities sold
18,968
14,707
19,808
Fund shares sold
322
30,478
416
Dividends from non-affiliates
1,937
24,852
7,194
Dividends from affiliates
118
222
23
Tax reclaims
2,377
7,246
1,715
Securities lending income (See Note 2.C.)
3
251
63
Variation margin on futures contracts
604
—
—
Total Assets
738,781
5,390,840
1,635,615
LIABILITIES:
Payables:
Investment securities purchased
5,521
58,354
19,359
Collateral received on securities loaned (See Note 2.C.)
23,457
45,570
17,508
Fund shares redeemed
176
12,905
1,706
Accrued liabilities:
Investment advisory fees
276
1,845
637
Administration fees
1
140
6
Distribution fees
29
115
102
Service fees
58
175
158
Custodian and accounting fees
29
85
36
Trustees’ and Chief Compliance Officer’s fees
—
(a)
—
—
Other
1,288
66
64
Total Liabilities
30,835
119,255
39,576
Net Assets
$707,946
$5,271,585
$1,596,039
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
26
J.P. Morgan International Equity Funds
April 30, 2026
 
JPMorgan
Europe
Dynamic
Fund
JPMorgan
International
Equity Fund
JPMorgan
International
Focus Fund
NET ASSETS:
Paid-in-Capital
$528,204
$3,393,478
$1,047,614
Total distributable earnings (loss)
179,742
1,878,107
548,425
Total Net Assets
$707,946
$5,271,585
$1,596,039
Net Assets:
Class A
$125,167
$524,686
$468,818
Class C
5,327
9,866
7,647
Class I
231,042
549,891
493,647
Class L
9,145
—
—
Class R2
—
4,077
5,540
Class R5
—
2,443
1,996
Class R6
337,265
4,180,622
618,391
Total
$707,946
$5,271,585
$1,596,039
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A
2,966
23,058
14,862
Class C
143
463
245
Class I
5,347
23,648
15,390
Class L
208
—
—
Class R2
—
178
178
Class R5
—
104
62
Class R6
7,738
179,337
19,281
Net Asset Value (a):
Class A — Redemption price per share
$42.20
$22.76
$31.54
Class C — Offering price per share (b)
37.14
21.31
31.21
Class I — Offering and redemption price per share
43.21
23.25
32.08
Class L — Offering and redemption price per share
43.99
—
—
Class R2 — Offering and redemption price per share
—
22.83
31.20
Class R5 — Offering and redemption price per share
—
23.42
32.07
Class R6 — Offering and redemption price per share
43.59
23.31
32.07
Class A maximum sales charge
5.25
%
5.25
%
5.25
%
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)]
$44.54
$24.02
$33.29
Cost of investments in non-affiliates
$505,711
$3,525,494
$1,135,222
Cost of investments in affiliates
31,870
114,615
9,637
Cost of foreign currency
256
58
5,883
Investment securities on loan, at value (See Note 2.C.)
22,521
43,888
17,046
Cost of investment of cash collateral (See Note 2.C.)
23,457
45,570
17,508
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
27
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2026 (Unaudited)
(Amounts in thousands)
 
 
JPMorgan
Developed
International
Value Fund
JPMorgan
Emerging
Markets
Equity Fund
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates
$25
$10
$12
Interest income from affiliates
2
45
22
Dividend income from non-affiliates
60,484
75,735
19,316
Dividend income from affiliates
2,698
649
188
Income from securities lending (net) (See Note 2.C.)
25
124
462
Foreign taxes withheld (net)
(6,073
)
(7,421
)
(2,080
)
Foreign withholding tax reclaims (See Note 2.J.)
7,771
—
—
Total investment income
64,932
69,142
17,920
EXPENSES:
Investment advisory fees
7,554
33,535
2,463
Administration fees
1,030
3,700
739
Distribution fees:
Class A
658
453
—
Class C
26
70
—
Class R2
3
1
—
Class R3
—
5
—
Service fees:
Class A
658
453
—
Class C
9
23
—
Class I
1,818
2,199
415
Class L
7
1,588
—
Class R2
1
1
—
Class R3
—
5
—
Class R4
—
3
—
Class R5
1
4
—
Custodian and accounting fees
159
1,792
693
Interest expense to affiliates
—
(a)
161
159
Professional fees
811
79
97
Trustees’ and Chief Compliance Officer’s fees
17
23
14
Printing and mailing costs
55
296
42
Registration and filing fees
196
319
33
Transfer agency fees (See Note 2.H.)
37
86
12
Other
19
46
20
Total expenses
13,059
44,842
4,687
Less fees waived
(2,199
)
(3,910
)
(921
)
Less expense reimbursements
(7
)
(45
)
—
Net expenses
10,853
40,887
3,766
Net investment income (loss)
54,079
28,255
14,154
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
28
J.P. Morgan International Equity Funds
April 30, 2026
 
JPMorgan
Developed
International
Value Fund
JPMorgan
Emerging
Markets
Equity Fund
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
$89,183
$470,997
(a)
$155,693
(b)
Investments in affiliates
(30
)
(7
)
2
Futures contracts
922
—
256
Foreign currency transactions
(726
)
(1,358
)
(746
)
Net realized gain (loss)
89,349
469,632
155,205
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
280,715
1,445,118
(c)
181,415
(d)
Investments in affiliates
14
1
—
Futures contracts
11
—
727
Foreign currency translations
325
482
(32
)
Change in net unrealized appreciation/depreciation
281,065
1,445,601
182,110
Net realized/unrealized gains (losses)
370,414
1,915,233
337,315
Change in net assets resulting from operations
$424,493
$1,943,488
$351,469
(a)
Net of foreign capital gains tax of $(3,282).
(b)
Net of foreign capital gains tax of $(241).
(c)
Net of change in foreign capital gains tax of $4,436.
(d)
Net of change in foreign capital gains tax of $2,863.
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
29
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2026 (Unaudited) (continued)
(Amounts in thousands)
 
 
JPMorgan
Europe
Dynamic
Fund
JPMorgan
International
Equity Fund
JPMorgan
International
Focus Fund
INVESTMENT INCOME:
Interest income from non-affiliates
$20
$15
$337
Interest income from affiliates
2
6
3
Dividend income from non-affiliates
8,282
81,067
24,051
Dividend income from affiliates
461
1,274
267
Income from securities lending (net) (See Note 2.C.)
10
283
73
Foreign taxes withheld (net)
(534
)
(7,350
)
(2,336
)
Foreign withholding tax reclaims (See Note 2.J.)
—
6,499
1,603
Total investment income
8,241
81,794
23,998
EXPENSES:
Investment advisory fees
2,040
12,928
4,794
Administration fees
255
1,939
599
Distribution fees:
Class A
151
632
556
Class C
16
34
31
Class R2
—
9
14
Service fees:
Class A
151
632
556
Class C
5
11
10
Class I
271
732
641
Class L
5
—
—
Class R2
—
5
7
Class R5
—
2
1
Custodian and accounting fees
82
304
173
Interest expense to affiliates
1
56
21
Professional fees
49
86
51
Trustees’ and Chief Compliance Officer’s fees
13
17
14
Printing and mailing costs
17
124
58
Registration and filing fees
45
108
56
Transfer agency fees (See Note 2.H.)
13
36
20
Other
14
29
15
Total expenses
3,128
17,684
7,617
Less fees waived
(762
)
(2,984
)
(1,642
)
Less expense reimbursements
(1
)
(13
)
—
Net expenses
2,365
14,687
5,975
Net investment income (loss)
5,876
67,107
18,023
SEE NOTES TO FINANCIAL STATEMENTS.
 
30
J.P. Morgan International Equity Funds
April 30, 2026
 
JPMorgan
Europe
Dynamic
Fund
JPMorgan
International
Equity Fund
JPMorgan
International
Focus Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
$48,422
$297,601
$127,714
Investments in affiliates
(7
)
(30
)
(4
)
Futures contracts
(1,736
)
(1,086
)
—
Foreign currency transactions
(270
)
(812
)
(173
)
Net realized gain (loss)
46,409
295,673
127,537
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
15,231
8,938
1,435
Investments in affiliates
—
(a)
20
2
Futures contracts
(84
)
—
—
Foreign currency translations
147
748
169
Change in net unrealized appreciation/depreciation
15,294
9,706
1,606
Net realized/unrealized gains (losses)
61,703
305,379
129,143
Change in net assets resulting from operations
$67,579
$372,486
$147,166
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
31
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
 
 
JPMorgan Developed International
Value Fund
JPMorgan Emerging Markets
Equity Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$54,079
$39,623
$28,255
$72,654
Net realized gain (loss)
89,349
43,659
469,632
741,743
Change in net unrealized appreciation/depreciation
281,065
244,866
1,445,601
1,467,095
Change in net assets resulting from operations
424,493
328,148
1,943,488
2,281,492
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(12,994
)
(10,205
)
(3,405
)
(3,578
)
Class C
(126
)
(44
)
(106
)
(110
)
Class I
(33,300
)
(3,818
)
(21,075
)
(18,410
)
Class L
(356
)
(349
)
(41,448
)
(14,912
)
Class R2
(26
)
(25
)
(5
)
(3
)
Class R3
—
—
(21
)
(159
)
Class R4
—
—
(26
)
(33
)
Class R5
(57
)
(14
)
(82
)
(208
)
Class R6
(19,868
)
(12,998
)
(62,520
)
(65,166
)
Total distributions to shareholders
(66,727
)
(27,453
)
(128,688
)
(102,579
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
1,238,636
972,392
(328,814
)
274,993
NET ASSETS:
Change in net assets
1,596,402
1,273,087
1,485,986
2,453,906
Beginning of period
1,910,969
637,882
9,413,105
6,959,199
End of period
$3,507,371
$1,910,969
$10,899,091
$9,413,105
SEE NOTES TO FINANCIAL STATEMENTS.
 
32
J.P. Morgan International Equity Funds
April 30, 2026
 
 
JPMorgan Emerging Markets Research
Enhanced Equity Fund
JPMorgan Europe Dynamic Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$14,154
$50,801
$5,876
$14,579
Net realized gain (loss)
155,205
112,243
46,409
80,433
Change in net unrealized appreciation/depreciation
182,110
368,352
15,294
37,966
Change in net assets resulting from operations
351,469
531,396
67,579
132,978
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
—
—
(3,976
)
(2,716
)
Class C
—
—
(132
)
(37
)
Class I
(11,304
)
(5,501
)
(7,475
)
(4,264
)
Class L
—
—
(315
)
(299
)
Class R6
(60,574
)
(44,244
)
(12,127
)
(11,901
)
Total distributions to shareholders
(71,878
)
(49,745
)
(24,025
)
(19,217
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
(185,709
)
(683,375
)
19,673
11,695
NET ASSETS:
Change in net assets
93,882
(201,724
)
63,227
125,456
Beginning of period
1,984,798
2,186,522
644,719
519,263
End of period
$2,078,680
$1,984,798
$707,946
$644,719
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
33
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan International Equity Fund
JPMorgan International Focus Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$67,107
$104,266
$18,023
$24,485
Net realized gain (loss)
295,673
303,097
127,537
154,775
Change in net unrealized appreciation/depreciation
9,706
500,475
1,606
138,256
Change in net assets resulting from operations
372,486
907,838
147,166
317,516
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(30,721
)
(11,142
)
(18,606
)
(9,904
)
Class C
(537
)
(89
)
(314
)
(207
)
Class I
(33,704
)
(22,580
)
(23,776
)
(16,497
)
Class R2
(218
)
(78
)
(240
)
(87
)
Class R5
(176
)
(181
)
(80
)
(54
)
Class R6
(271,826
)
(99,448
)
(29,015
)
(17,439
)
Total distributions to shareholders
(337,182
)
(133,518
)
(72,031
)
(44,188
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
(187,699
)
362,851
(102,270
)
(164,109
)
NET ASSETS:
Change in net assets
(152,395
)
1,137,171
(27,135
)
109,219
Beginning of period
5,423,980
4,286,809
1,623,174
1,513,955
End of period
$5,271,585
$5,423,980
$1,596,039
$1,623,174
SEE NOTES TO FINANCIAL STATEMENTS.
 
34
J.P. Morgan International Equity Funds
April 30, 2026
 
 
JPMorgan Developed International
Value Fund
JPMorgan Emerging Markets
Equity Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued
$159,499
$142,988
$53,055
$46,783
Distributions reinvested
12,934
10,145
3,302
3,478
Cost of shares redeemed
(58,627
)
(60,155
)
(84,724
)
(93,041
)
Change in net assets resulting from Class A capital transactions
113,806
92,978
(28,367
)
(42,780
)
Class C
Proceeds from shares issued
7,454
2,720
2,943
931
Distributions reinvested
120
36
104
105
Cost of shares redeemed
(1,251
)
(746
)
(4,949
)
(10,157
)
Change in net assets resulting from Class C capital transactions
6,323
2,010
(1,902
)
(9,121
)
Class I
Proceeds from shares issued
1,145,778
812,556
236,715
263,809
Distributions reinvested
33,037
3,793
19,322
16,941
Cost of shares redeemed
(290,652
)
(132,679
)
(249,900
)
(441,594
)
Change in net assets resulting from Class I capital transactions
888,163
683,670
6,137
(160,844
)
Class L
Proceeds from shares issued
1,179
3,801
419,519
1,696,258
Distributions reinvested
345
334
41,197
14,430
Cost of shares redeemed
(4,062
)
(1,275
)
(397,946
)
(439,484
)
Change in net assets resulting from Class L capital transactions
(2,538
)
2,860
62,770
1,271,204
Class R2
Proceeds from shares issued
882
181
24
150
Distributions reinvested
26
25
5
3
Cost of shares redeemed
(589
)
(85
)
(162
)
(162
)
Change in net assets resulting from Class R2 capital transactions
319
121
(133
)
(9
)
Class R3
Proceeds from shares issued
—
—
326
2,351
Distributions reinvested
—
—
15
25
Cost of shares redeemed
—
—
(467
)
(11,838
)
Change in net assets resulting from Class R3 capital transactions
—
—
(126
)
(9,462
)
Class R4
Proceeds from shares issued
—
—
55
723
Distributions reinvested
—
—
26
33
Cost of shares redeemed
—
—
(358
)
(1,727
)
Change in net assets resulting from Class R4 capital transactions
—
—
(277
)
(971
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
35
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
JPMorgan Developed International
Value Fund
JPMorgan Emerging Markets
Equity Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
CAPITAL TRANSACTIONS: (continued)
Class R5
Proceeds from shares issued
$3,647
$1,038
$1,783
$2,654
Distributions reinvested
57
14
63
193
Cost of shares redeemed
(533
)
(128
)
(3,351
)
(12,842
)
Change in net assets resulting from Class R5 capital transactions
3,171
924
(1,505
)
(9,995
)
Class R6
Proceeds from shares issued
320,569
273,042
495,938
885,207
Distributions reinvested
19,841
12,975
57,503
59,219
Cost of shares redeemed
(111,018
)
(96,188
)
(918,852
)
(1,707,455
)
Change in net assets resulting from Class R6 capital transactions
229,392
189,829
(365,411
)
(763,029
)
Total change in net assets resulting from capital transactions
$1,238,636
$972,392
$(328,814
)
$274,993
SHARE TRANSACTIONS:
Class A
Issued
7,693
8,472
1,220
1,397
Reinvested
662
746
84
118
Redeemed
(2,856
)
(3,717
)
(2,030
)
(2,874
)
Change in Class A Shares
5,499
5,501
(726
)
(1,359
)
Class C
Issued
363
160
69
26
Reinvested
7
3
3
4
Redeemed
(61
)
(49
)
(120
)
(329
)
Change in Class C Shares
309
114
(48
)
(299
)
Class I
Issued
53,872
46,388
5,420
7,912
Reinvested
1,638
271
481
560
Redeemed
(13,513
)
(7,224
)
(5,583
)
(13,330
)
Change in Class I Shares
41,997
39,435
318
(4,858
)
Class L
Issued
55
229
9,683
47,244
Reinvested
17
24
1,018
473
Redeemed
(200
)
(77
)
(8,955
)
(12,935
)
Change in Class L Shares
(128
)
176
1,746
34,782
Class R2
Issued
42
12
1
4
Reinvested
1
2
—
(a)
—
(a)
Redeemed
(29
)
(6
)
(4
)
(5
)
Change in Class R2 Shares
14
8
(3
)
(1
)
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
36
J.P. Morgan International Equity Funds
April 30, 2026
 
JPMorgan Developed International
Value Fund
JPMorgan Emerging Markets
Equity Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
SHARE TRANSACTIONS: (continued)
Class R3
Issued
—
—
9
77
Reinvested
—
—
—
(a)
1
Redeemed
—
—
(11
)
(430
)
Change in Class R3 Shares
—
—
(2
)
(352
)
Class R4
Issued
—
—
2
24
Reinvested
—
—
1
1
Redeemed
—
—
(8
)
(52
)
Change in Class R4 Shares
—
—
(5
)
(27
)
Class R5
Issued
171
60
39
78
Reinvested
3
1
2
6
Redeemed
(25
)
(7
)
(75
)
(385
)
Change in Class R5 Shares
149
54
(34
)
(301
)
Class R6
Issued
15,152
16,065
11,125
26,539
Reinvested
996
938
1,424
1,945
Redeemed
(5,273
)
(5,720
)
(20,478
)
(51,318
)
Change in Class R6 Shares
10,875
11,283
(7,929
)
(22,834
)
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
37
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan Emerging Markets Research
Enhanced Equity Fund
JPMorgan Europe Dynamic Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued
$—
$—
$13,738
$35,566
Distributions reinvested
—
—
3,831
2,610
Cost of shares redeemed
—
—
(13,588
)
(22,485
)
Change in net assets resulting from Class A capital transactions
—
—
3,981
15,691
Class C
Proceeds from shares issued
—
—
2,303
2,885
Distributions reinvested
—
—
128
34
Cost of shares redeemed
—
—
(512
)
(1,362
)
Change in net assets resulting from Class C capital transactions
—
—
1,919
1,557
Class I
Proceeds from shares issued
26,974
90,838
33,039
79,594
Distributions reinvested
11,304
5,501
3,613
4,020
Cost of shares redeemed
(58,968
)
(86,183
)
(18,959
)
(33,748
)
Change in net assets resulting from Class I capital transactions
(20,690
)
10,156
17,693
49,866
Class L
Proceeds from shares issued
—
—
112
2,288
Distributions reinvested
—
—
306
292
Cost of shares redeemed
—
—
(2,971
)
(1,530
)
Change in net assets resulting from Class L capital transactions
—
—
(2,553
)
1,050
Class R6
Proceeds from shares issued
243,388
186,947
4,811
7,647
Distributions reinvested
59,957
43,825
12,127
11,901
Cost of shares redeemed
(468,364
)
(924,303
)
(18,305
)
(76,017
)
Change in net assets resulting from Class R6 capital transactions
(165,019
)
(693,531
)
(1,367
)
(56,469
)
Total change in net assets resulting from capital transactions
$(185,709
)
$(683,375
)
$19,673
$11,695
SHARE TRANSACTIONS:
Class A
Issued
—
—
330
980
Reinvested
—
—
96
88
Redeemed
—
—
(330
)
(636
)
Change in Class A Shares
—
—
96
432
Class C
Issued
—
—
62
90
Reinvested
—
—
4
1
Redeemed
—
—
(14
)
(42
)
Change in Class C Shares
—
—
52
49
SEE NOTES TO FINANCIAL STATEMENTS.
 
38
J.P. Morgan International Equity Funds
April 30, 2026
 
JPMorgan Emerging Markets Research
Enhanced Equity Fund
JPMorgan Europe Dynamic Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
SHARE TRANSACTIONS: (continued)
Class I
Issued
1,199
4,945
776
2,159
Reinvested
552
337
88
133
Redeemed
(2,608
)
(4,666
)
(452
)
(928
)
Change in Class I Shares
(857
)
616
412
1,364
Class L
Issued
—
—
3
61
Reinvested
—
—
7
10
Redeemed
—
—
(70
)
(41
)
Change in Class L Shares
—
—
(60
)
30
Class R6
Issued
10,792
10,952
113
191
Reinvested
2,945
2,704
295
392
Redeemed
(20,693
)
(50,288
)
(425
)
(2,096
)
Change in Class R6 Shares
(6,956
)
(36,632
)
(17
)
(1,513
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
39
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan International Equity Fund
JPMorgan International Focus Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued
$41,689
$73,487
$34,297
$63,484
Distributions reinvested
30,628
11,100
18,533
9,862
Cost of shares redeemed
(50,325
)
(73,747
)
(37,514
)
(74,770
)
Change in net assets resulting from Class A capital transactions
21,992
10,840
15,316
(1,424
)
Class C
Proceeds from shares issued
2,422
6,369
317
799
Distributions reinvested
537
87
312
206
Cost of shares redeemed
(1,523
)
(3,042
)
(1,988
)
(3,788
)
Change in net assets resulting from Class C capital transactions
1,436
3,414
(1,359
)
(2,783
)
Class I
Proceeds from shares issued
64,941
232,394
40,544
109,290
Distributions reinvested
33,658
22,560
20,973
14,993
Cost of shares redeemed
(299,531
)
(394,325
)
(132,875
)
(262,848
)
Change in net assets resulting from Class I capital transactions
(200,932
)
(139,371
)
(71,358
)
(138,565
)
Class R2
Proceeds from shares issued
513
1,304
791
3,699
Distributions reinvested
217
78
240
87
Cost of shares redeemed
(331
)
(1,718
)
(2,126
)
(1,545
)
Change in net assets resulting from Class R2 capital transactions
399
(336
)
(1,095
)
2,241
Class R5
Proceeds from shares issued
160
1,115
256
237
Distributions reinvested
176
181
80
54
Cost of shares redeemed
(3,204
)
(3,217
)
(183
)
(565
)
Change in net assets resulting from Class R5 capital transactions
(2,868
)
(1,921
)
153
(274
)
Class R6
Proceeds from shares issued
510,685
1,069,155
31,679
67,338
Distributions reinvested
267,152
97,497
29,001
17,427
Cost of shares redeemed
(785,563
)
(676,427
)
(104,607
)
(108,069
)
Change in net assets resulting from Class R6 capital transactions
(7,726
)
490,225
(43,927
)
(23,304
)
Total change in net assets resulting from capital transactions
$(187,699
)
$362,851
$(102,270
)
$(164,109
)
SHARE TRANSACTIONS:
Class A
Issued
1,867
3,549
1,125
2,375
Reinvested
1,416
607
640
408
Redeemed
(2,254
)
(3,614
)
(1,237
)
(2,829
)
Change in Class A Shares
1,029
542
528
(46
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
40
J.P. Morgan International Equity Funds
April 30, 2026
 
JPMorgan International Equity Fund
JPMorgan International Focus Fund
 
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
Six Months Ended
April 30, 2026
(Unaudited)
Year Ended
October 31, 2025
SHARE TRANSACTIONS: (continued)
Class C
Issued
115
318
10
29
Reinvested
26
5
11
9
Redeemed
(71
)
(154
)
(65
)
(143
)
Change in Class C Shares
70
169
(44
)
(105
)
Class I
Issued
2,855
11,214
1,317
4,054
Reinvested
1,525
1,213
712
611
Redeemed
(13,090
)
(18,513
)
(4,246
)
(9,802
)
Change in Class I Shares
(8,710
)
(6,086
)
(2,217
)
(5,137
)
Class R2
Issued
23
65
27
147
Reinvested
10
4
8
4
Redeemed
(15
)
(83
)
(69
)
(58
)
Change in Class R2 Shares
18
(14
)
(34
)
93
Class R5
Issued
6
52
8
8
Reinvested
8
10
3
2
Redeemed
(140
)
(140
)
(6
)
(21
)
Change in Class R5 Shares
(126
)
(78
)
5
(11
)
Class R6
Issued
22,353
50,827
1,025
2,500
Reinvested
12,069
5,228
986
711
Redeemed
(34,690
)
(32,488
)
(3,311
)
(3,903
)
Change in Class R6 Shares
(268
)
23,567
(1,300
)
(692
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
41
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan Developed International Value Fund
Class A
Six Months Ended April 30, 2026 (Unaudited)
$18.72
$0.36
(f)
$3.07
$3.43
$(0.55
)
Year Ended October 31, 2025
14.53
0.53
(g)
4.25
4.78
(0.59
)
Year Ended October 31, 2024
12.37
0.48
2.33
2.81
(0.65
)
Year Ended October 31, 2023
10.57
0.53
(h)
1.70
2.23
(0.43
)
Year Ended October 31, 2022
13.46
0.44
(2.72
)
(2.28
)
(0.61
)
Year Ended October 31, 2021
9.46
0.43
(i)
3.89
4.32
(0.32
)
Class C
Six Months Ended April 30, 2026 (Unaudited)
18.17
0.36
(f)
2.91
3.27
(0.52
)
Year Ended October 31, 2025
14.09
0.39
(g)
4.18
4.57
(0.49
)
Year Ended October 31, 2024
11.99
0.39
2.27
2.66
(0.56
)
Year Ended October 31, 2023
10.23
0.46
(h)
1.65
2.11
(0.35
)
Year Ended October 31, 2022
13.02
0.35
(2.62
)
(2.27
)
(0.52
)
Year Ended October 31, 2021
9.14
0.33
(i)
3.79
4.12
(0.24
)
Class I
Six Months Ended April 30, 2026 (Unaudited)
19.36
0.43
(f)
3.12
3.55
(0.59
)
Year Ended October 31, 2025
15.01
0.63
(g)
4.35
4.98
(0.63
)
Year Ended October 31, 2024
12.76
0.54
2.39
2.93
(0.68
)
Year Ended October 31, 2023
10.88
0.58
(h)
1.75
2.33
(0.45
)
Year Ended October 31, 2022
13.84
0.49
(2.81
)
(2.32
)
(0.64
)
Year Ended October 31, 2021
9.72
0.47
(i)
3.99
4.46
(0.34
)
Class L
Six Months Ended April 30, 2026 (Unaudited)
19.25
0.38
(f)
3.17
3.55
(0.59
)
Year Ended October 31, 2025
14.93
0.61
(g)
4.35
4.96
(0.64
)
Year Ended October 31, 2024
12.69
0.55
2.38
2.93
(0.69
)
Year Ended October 31, 2023
10.83
0.59
(h)
1.74
2.33
(0.47
)
Year Ended October 31, 2022
13.78
0.49
(2.79
)
(2.30
)
(0.65
)
Year Ended October 31, 2021
9.66
0.47
(i)
3.99
4.46
(0.34
)
Class R2
Six Months Ended April 30, 2026 (Unaudited)
18.33
0.27
(f)
3.06
3.33
(0.49
)
Year Ended October 31, 2025
14.24
0.48
(g)
4.15
4.63
(0.54
)
Year Ended October 31, 2024
12.14
0.43
2.28
2.71
(0.61
)
Year Ended October 31, 2023
10.37
0.48
(h)
1.68
2.16
(0.39
)
Year Ended October 31, 2022
13.22
0.40
(2.68
)
(2.28
)
(0.57
)
Year Ended October 31, 2021
9.29
0.39
(i)
3.82
4.21
(0.28
)
Class R5
Six Months Ended April 30, 2026 (Unaudited)
19.13
0.46
(f)
3.06
3.52
(0.60
)
Year Ended October 31, 2025
14.84
0.59
(g)
4.34
4.93
(0.64
)
Year Ended October 31, 2024
12.62
0.55
2.34
2.89
(0.67
)
Year Ended October 31, 2023
10.75
0.71
(h)
1.63
2.34
(0.47
)
Year Ended October 31, 2022
13.67
0.52
(2.80
)
(2.28
)
(0.64
)
Year Ended October 31, 2021
9.60
0.41
(i)
4.02
4.43
(0.36
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
42
J.P. Morgan International Equity Funds
April 30, 2026
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$21.60
18.62
%
$613,494
1.04
%
3.51
%(f)
1.22
%
23
%
18.72
34.40
428,883
0.99
3.26
(g)
1.20
29
14.53
23.40
252,963
1.00
3.42
1.22
50
12.37
21.38
201,868
0.99
4.29
(h)
1.26
34
10.57
(17.56
)
160,039
0.98
3.71
1.23
26
13.46
46.20
187,774
1.00
3.39
(i)
1.24
33
20.92
18.30
10,948
1.53
3.63
(f)
1.73
23
18.17
33.74
3,902
1.49
2.40
(g)
1.77
29
14.09
22.77
1,424
1.50
2.90
1.80
50
11.99
20.89
1,631
1.49
3.83
(h)
1.80
34
10.23
(18.04
)
1,791
1.49
3.01
1.76
26
13.02
45.54
3,923
1.50
2.70
(i)
1.77
33
22.32
18.69
1,944,320
0.79
4.04
(f)
0.97
23
19.36
34.77
872,877
0.74
3.55
(g)
0.94
29
15.01
23.71
84,963
0.75
3.70
0.97
50
12.76
21.77
42,728
0.74
4.52
(h)
1.01
34
10.88
(17.38
)
29,816
0.73
4.00
0.98
26
13.84
46.51
39,188
0.75
3.58
(i)
0.99
33
22.21
18.79
13,237
0.70
3.68
(f)
0.82
23
19.25
34.82
13,925
0.64
3.60
(g)
0.79
29
14.93
23.85
8,176
0.65
3.83
0.82
50
12.69
21.83
6,205
0.65
4.65
(h)
0.86
34
10.83
(17.31
)
5,451
0.63
4.04
0.83
26
13.78
46.77
7,042
0.66
3.66
(i)
0.84
33
21.17
18.45
1,423
1.35
2.72
(f)
1.54
23
18.33
33.96
970
1.29
3.01
(g)
1.54
29
14.24
22.98
637
1.30
3.16
1.59
50
12.14
21.16
511
1.29
3.98
(h)
1.60
34
10.37
(17.88
)
454
1.28
3.41
1.58
26
13.22
45.84
514
1.30
3.14
(i)
1.59
33
22.05
18.76
4,947
0.68
4.36
(f)
0.81
23
19.13
34.91
1,436
0.64
3.40
(g)
0.79
29
14.84
23.66
312
0.64
3.79
0.82
50
12.62
22.09
49
0.65
5.63
(h)
0.86
34
10.75
(17.31
)
29
0.63
4.23
0.83
26
13.67
46.74
67
0.65
3.24
(i)
0.85
33
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
43
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan Developed International Value Fund (continued)
Class R6
Six Months Ended April 30, 2026 (Unaudited)
$19.13
$0.42
(f)
$3.12
$3.54
$(0.61
)
Year Ended October 31, 2025
14.84
0.62
(g)
4.32
4.94
(0.65
)
Year Ended October 31, 2024
12.62
0.56
2.36
2.92
(0.70
)
Year Ended October 31, 2023
10.77
0.60
(h)
1.73
2.33
(0.48
)
Year Ended October 31, 2022
13.71
0.50
(2.77
)
(2.27
)
(0.67
)
Year Ended October 31, 2021
9.62
0.49
(i)
3.97
4.46
(0.37
)
 
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
(f)
Reflects income from foreign withholding tax reclaims, including related interest income. Had the Fund not received these proceeds, the net investment income
(loss) per share would have been $0.30, $0.30, $0.37, $0.32, $0.21, $0.40 and $0.36 for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6,
respectively, and the net investment income (loss) ratios would have been 3.23%, 3.35%, 3.76%, 3.40%, 2.44%, 4.08% and 3.77% for Class A, Class C, Class I,
Class L, Class R2, Class R5 and Class R6, respectively.
(g)
Reflects income from foreign withholding tax reclaims, including related interest income. Had the Fund not received these proceeds, the net investment income
(loss) per share would have been $0.53, $0.39, $0.63, $0.61, $0.48, $0.59 and $0.62 for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6,
respectively, and the net investment income (loss) ratios would have been 3.25%, 2.39%, 3.54%, 3.59%, 3.00%, 3.39% and 3.70% for Class A, Class C, Class I,
Class L, Class R2, Class R5 and Class R6, respectively.
(h)
Reflects income from foreign withholding tax reclaims, including related interest income, less IRS compliance fees. Had the Fund not received these proceeds, the
net investment income (loss) per share would have been $0.46, $0.39, $0.51, $0.52, $0.41, $0.64 and $0.53 for Class A, Class C, Class I, Class L, Class R2, Class R5
and Class R6, respectively, and the net investment income (loss) ratios would have been 3.73%, 3.27%, 3.96%, 4.09%, 3.42%, 5.07% and 4.20% for Class A,
Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively.
(i)
Reflects income from foreign withholding tax reclaims, including related interest income, less IRS compliance fees. Without these proceeds, the net investment
income (loss) per share would have been $0.38, $0.28, $0.42, $0.41, $0.34, $0.35 and $0.44 for Class A, Class C, Class I, Class L, Class R2, Class R5, and
Class R6,respectively, and the net investment income (loss) ratios would have been 3.00%, 2.26%, 3.19%, 3.23%, 2.72%, 2.80% and 3.44% for Class A, Class C,
Class I, Class L, Class R2, Class R5, and Class R6, respectively.
SEE NOTES TO FINANCIAL STATEMENTS.
 
44
J.P. Morgan International Equity Funds
April 30, 2026
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$22.06
18.87
%
$919,002
0.59
%
4.05
%(f)
0.72
%
23
%
19.13
34.96
588,976
0.54
3.71
(g)
0.70
29
14.84
23.95
289,407
0.55
3.93
0.72
50
12.62
21.99
206,267
0.54
4.76
(h)
0.76
34
10.77
(17.23
)
160,297
0.52
4.19
0.72
26
13.71
46.99
158,191
0.55
3.83
(i)
0.73
33
 
 
 
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
45
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Emerging Markets Equity Fund
Class A
Six Months Ended April 30, 2026 (Unaudited)
$40.61
$0.04
$8.31
$8.35
$(0.40
)
$(0.02
)
$(0.42
)
Year Ended October 31, 2025
30.70
0.23
10.03
10.26
(0.35
)
—
(0.35
)
Year Ended October 31, 2024
26.20
0.29
4.57
4.86
(0.36
)
—
(0.36
)
Year Ended October 31, 2023
23.85
0.15
2.23
2.38
(0.03
)
—
(0.03
)
Year Ended October 31, 2022
40.54
0.06
(15.42
)
(15.36
)
(0.07
)
(1.26
)
(1.33
)
Year Ended October 31, 2021
36.44
(0.14
)
4.24
4.10
—
—
—
Class C
Six Months Ended April 30, 2026 (Unaudited)
38.78
(0.06
)
7.96
7.90
(0.21
)
(0.02
)
(0.23
)
Year Ended October 31, 2025
29.28
0.07
9.58
9.65
(0.15
)
—
(0.15
)
Year Ended October 31, 2024
24.97
0.13
4.37
4.50
(0.19
)
—
(0.19
)
Year Ended October 31, 2023
22.82
—
2.15
2.15
—
—
—
Year Ended October 31, 2022
38.96
(0.10
)
(14.78
)
(14.88
)
—
(1.26
)
(1.26
)
Year Ended October 31, 2021
35.20
(0.34
)
4.10
3.76
—
—
—
Class I
Six Months Ended April 30, 2026 (Unaudited)
41.72
0.10
8.50
8.60
(0.50
)
(0.02
)
(0.52
)
Year Ended October 31, 2025
31.53
0.32
10.29
10.61
(0.42
)
—
(0.42
)
Year Ended October 31, 2024
26.90
0.37
4.69
5.06
(0.43
)
—
(0.43
)
Year Ended October 31, 2023
24.48
0.22
2.30
2.52
(0.10
)
—
(0.10
)
Year Ended October 31, 2022
41.60
0.12
(15.81
)
(15.69
)
(0.17
)
(1.26
)
(1.43
)
Year Ended October 31, 2021
37.34
(0.04
)
4.34
4.30
(0.04
)
—
(0.04
)
Class L
Six Months Ended April 30, 2026 (Unaudited)
42.05
0.12
8.58
8.70
(0.55
)
(0.02
)
(0.57
)
Year Ended October 31, 2025
31.78
0.27
10.46
10.73
(0.46
)
—
(0.46
)
Year Ended October 31, 2024
27.11
0.40
4.73
5.13
(0.46
)
—
(0.46
)
Year Ended October 31, 2023
24.70
0.26
2.30
2.56
(0.15
)
—
(0.15
)
Year Ended October 31, 2022
41.96
0.17
(15.95
)
(15.78
)
(0.22
)
(1.26
)
(1.48
)
Year Ended October 31, 2021
37.64
0.01
4.37
4.38
(0.06
)
—
(0.06
)
Class R2
Six Months Ended April 30, 2026 (Unaudited)
39.96
(0.01
)
8.17
8.16
(0.33
)
(0.02
)
(0.35
)
Year Ended October 31, 2025
30.16
0.10
9.91
10.01
(0.21
)
—
(0.21
)
Year Ended October 31, 2024
25.76
0.19
4.50
4.69
(0.29
)
—
(0.29
)
Year Ended October 31, 2023
23.49
0.07
2.20
2.27
—
—
—
Year Ended October 31, 2022
39.99
(0.02
)
(15.22
)
(15.24
)
—
(1.26
)
(1.26
)
Year Ended October 31, 2021
36.06
(0.26
)
4.19
3.93
—
—
—
Class R3
Six Months Ended April 30, 2026 (Unaudited)
40.21
0.03
8.26
8.29
(0.22
)
(0.02
)
(0.24
)
Year Ended October 31, 2025
30.41
0.21
9.94
10.15
(0.35
)
—
(0.35
)
Year Ended October 31, 2024
25.97
0.27
4.53
4.80
(0.36
)
—
(0.36
)
Year Ended October 31, 2023
23.67
0.13
2.22
2.35
(0.05
)
—
(0.05
)
Year Ended October 31, 2022
40.30
0.06
(15.32
)
(15.26
)
(0.11
)
(1.26
)
(1.37
)
Year Ended October 31, 2021
36.25
(0.15
)
4.20
4.05
—
—
—
SEE NOTES TO FINANCIAL STATEMENTS.
 
46
J.P. Morgan International Equity Funds
April 30, 2026
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$48.54
20.79
%
$412,028
1.19
%
0.20
%
1.32
%
16
%
40.61
33.83
374,199
1.24
0.69
1.32
55
30.70
18.69
324,604
1.24
0.97
1.31
36
26.20
9.96
331,397
1.24
0.52
1.31
29
23.85
(39.06
)
358,077
1.25
0.19
1.33
18
40.54
11.25
702,288
1.24
(0.33
)
1.30
25
46.45
20.50
20,445
1.69
(0.29
)
1.83
16
38.78
33.17
18,931
1.74
0.21
1.83
55
29.28
18.10
23,038
1.74
0.46
1.82
36
24.97
9.42
28,563
1.74
(0.01
)
1.82
29
22.82
(39.36
)
35,997
1.75
(0.35
)
1.83
18
38.96
10.68
82,409
1.74
(0.83
)
1.80
25
49.80
20.92
1,989,427
0.94
0.46
1.06
16
41.72
34.17
1,653,181
0.99
0.93
1.06
55
31.53
18.97
1,402,636
0.99
1.21
1.06
36
26.90
10.29
1,610,205
0.99
0.77
1.06
29
24.48
(38.92
)
1,871,401
1.00
0.37
1.07
18
41.60
11.51
4,753,438
0.99
(0.09
)
1.05
25
50.18
21.02
3,528,158
0.84
0.55
0.91
16
42.05
34.30
2,883,527
0.89
0.78
0.91
55
31.78
19.11
1,073,811
0.89
1.31
0.90
36
27.11
10.35
1,195,188
0.89
0.88
0.91
29
24.70
(38.84
)
1,282,832
0.90
0.53
0.92
18
41.96
11.63
2,598,326
0.89
0.02
0.90
25
47.77
20.61
587
1.49
(0.05
)
1.69
16
39.96
33.43
616
1.54
0.32
1.79
55
30.16
18.32
481
1.54
0.64
1.85
36
25.76
9.66
471
1.54
0.26
1.84
29
23.49
(39.24
)
407
1.55
(0.07
)
1.83
18
39.99
10.90
585
1.54
(0.63
)
1.78
25
48.26
20.76
4,032
1.24
0.15
1.32
16
40.21
33.80
3,473
1.29
0.67
1.32
55
30.41
18.62
13,321
1.29
0.93
1.31
36
25.97
9.91
11,548
1.29
0.47
1.31
29
23.67
(39.08
)
11,182
1.30
0.19
1.32
18
40.30
11.17
14,918
1.29
(0.36
)
1.30
25
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
47
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Emerging Markets Equity Fund (continued)
Class R4
Six Months Ended April 30, 2026 (Unaudited)
$41.51
$0.09
$8.48
$8.57
$(0.46
)
$(0.02
)
$(0.48
)
Year Ended October 31, 2025
31.37
0.32
10.22
10.54
(0.40
)
—
(0.40
)
Year Ended October 31, 2024
26.77
0.35
4.67
5.02
(0.42
)
—
(0.42
)
Year Ended October 31, 2023
24.39
0.21
2.28
2.49
(0.11
)
—
(0.11
)
Year Ended October 31, 2022
41.45
0.13
(15.77
)
(15.64
)
(0.16
)
(1.26
)
(1.42
)
Year Ended October 31, 2021
37.20
(0.05
)
4.32
4.27
(0.02
)
—
(0.02
)
Class R5
Six Months Ended April 30, 2026 (Unaudited)
42.03
0.11
8.58
8.69
(0.51
)
(0.02
)
(0.53
)
Year Ended October 31, 2025
31.76
0.39
10.34
10.73
(0.46
)
—
(0.46
)
Year Ended October 31, 2024
27.10
0.40
4.73
5.13
(0.47
)
—
(0.47
)
Year Ended October 31, 2023
24.69
0.26
2.31
2.57
(0.16
)
—
(0.16
)
Year Ended October 31, 2022
41.88
0.18
(15.96
)
(15.78
)
(0.15
)
(1.26
)
(1.41
)
Year Ended October 31, 2021
37.56
0.01
4.36
4.37
(0.05
)
—
(0.05
)
Class R6
Six Months Ended April 30, 2026 (Unaudited)
42.00
0.15
8.56
8.71
(0.58
)
(0.02
)
(0.60
)
Year Ended October 31, 2025
31.75
0.39
10.35
10.74
(0.49
)
—
(0.49
)
Year Ended October 31, 2024
27.09
0.43
4.73
5.16
(0.50
)
—
(0.50
)
Year Ended October 31, 2023
24.69
0.28
2.31
2.59
(0.19
)
—
(0.19
)
Year Ended October 31, 2022
41.95
0.21
(15.95
)
(15.74
)
(0.26
)
(1.26
)
(1.52
)
Year Ended October 31, 2021
37.61
0.05
4.37
4.42
(0.08
)
—
(0.08
)
 
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
SEE NOTES TO FINANCIAL STATEMENTS.
 
48
J.P. Morgan International Equity Funds
April 30, 2026
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$49.60
20.91
%
$2,519
0.99
%
0.40
%
1.07
%
16
%
41.51
34.09
2,359
1.04
0.97
1.07
55
31.37
18.91
2,642
1.04
1.17
1.07
36
26.77
10.21
2,516
1.04
0.73
1.07
29
24.39
(38.93
)
2,485
1.05
0.43
1.08
18
41.45
11.48
3,810
1.04
(0.12
)
1.06
25
50.19
20.99
7,707
0.84
0.52
0.92
16
42.03
34.33
7,914
0.89
1.19
0.92
55
31.76
19.10
15,537
0.89
1.32
0.92
36
27.10
10.37
13,585
0.89
0.90
0.92
29
24.69
(38.86
)
12,712
0.90
0.55
0.93
18
41.88
11.64
20,676
0.89
0.02
0.91
25
50.11
21.07
4,934,188
0.74
0.66
0.81
16
42.00
34.43
4,468,905
0.79
1.15
0.81
55
31.75
19.22
4,103,129
0.79
1.41
0.81
36
27.09
10.46
3,887,241
0.79
0.98
0.81
29
24.69
(38.78
)
3,579,903
0.80
0.67
0.82
18
41.95
11.75
5,659,334
0.79
0.11
0.80
25
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
49
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Six Months Ended April 30, 2026 (Unaudited)
$21.65
$0.15
$3.74
$3.89
$(0.75
)
$—
$(0.75
)
Year Ended October 31, 2025
17.15
0.42
4.45
4.87
(0.37
)
—
(0.37
)
Year Ended October 31, 2024
14.48
0.40
2.73
3.13
(0.46
)
—
(0.46
)
Year Ended October 31, 2023
13.34
0.34
1.15
1.49
(0.35
)
—
(0.35
)
Year Ended October 31, 2022
20.87
0.48
(6.96
)
(6.48
)
(0.52
)
(0.53
)
(1.05
)
Year Ended October 31, 2021
18.11
0.51
2.56
3.07
(0.31
)
—
(0.31
)
Class R6
Six Months Ended April 30, 2026 (Unaudited)
21.54
0.16
3.71
3.87
(0.77
)
—
(0.77
)
Year Ended October 31, 2025
17.06
0.43
4.44
4.87
(0.39
)
—
(0.39
)
Year Ended October 31, 2024
14.41
0.41
2.72
3.13
(0.48
)
—
(0.48
)
Year Ended October 31, 2023
13.27
0.36
1.14
1.50
(0.36
)
—
(0.36
)
Year Ended October 31, 2022
20.77
0.45
(6.88
)
(6.43
)
(0.54
)
(0.53
)
(1.07
)
Year Ended October 31, 2021
18.01
0.42
2.65
3.07
(0.31
)
—
(0.31
)
 
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
(f)
Interest expense is 0.02%
SEE NOTES TO FINANCIAL STATEMENTS.
 
50
J.P. Morgan International Equity Funds
April 30, 2026
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$24.79
18.72
%
$353,585
0.47
%
1.34
%
0.69
%
23
%
21.65
29.13
327,393
0.45
2.31
0.69
48
17.15
22.07
248,762
0.45
2.47
0.68
40
14.48
11.13
155,553
0.47
(f)
2.21
0.70
29
13.34
(32.53
)
171,538
0.45
3.00
0.68
34
20.87
16.95
5,435
0.45
2.36
0.69
53
24.64
18.73
1,725,095
0.37
1.46
0.43
23
21.54
29.29
1,657,405
0.35
2.43
0.43
48
17.06
22.17
1,937,760
0.35
2.52
0.41
40
14.41
11.29
1,544,778
0.37
(f)
2.33
0.44
29
13.27
(32.48
)
2,479,030
0.35
2.62
0.40
34
20.77
17.09
3,787,953
0.35
1.97
0.40
53
 
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
51
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan Europe Dynamic Fund
Class A
Six Months Ended April 30, 2026 (Unaudited)
$39.56
$0.29
$3.74
$4.03
$(1.39
)
Year Ended October 31, 2025
32.56
0.77
(f)
7.36
8.13
(1.13
)
Year Ended October 31, 2024
26.68
0.60
6.17
6.77
(0.89
)
Year Ended October 31, 2023
23.70
0.49
(g)
2.69
3.18
(0.20
)
Year Ended October 31, 2022
30.91
0.36
(6.95
)
(6.59
)
(0.62
)
Year Ended October 31, 2021
21.64
0.40
(h)
9.14
9.54
(0.27
)
Class C
Six Months Ended April 30, 2026 (Unaudited)
35.00
0.21
3.26
3.47
(1.33
)
Year Ended October 31, 2025
28.86
0.52
(f)
6.54
7.06
(0.92
)
Year Ended October 31, 2024
23.50
0.34
5.52
5.86
(0.50
)
Year Ended October 31, 2023
20.85
0.33
(g)
2.36
2.69
(0.04
)
Year Ended October 31, 2022
27.25
0.20
(6.13
)
(5.93
)
(0.47
)
Year Ended October 31, 2021
19.10
0.22
(h)
8.08
8.30
(0.15
)
Class I
Six Months Ended April 30, 2026 (Unaudited)
40.51
0.36
3.83
4.19
(1.49
)
Year Ended October 31, 2025
33.32
0.90
(f)
7.50
8.40
(1.21
)
Year Ended October 31, 2024
27.28
0.69
6.31
7.00
(0.96
)
Year Ended October 31, 2023
24.20
0.58
(g)
2.74
3.32
(0.24
)
Year Ended October 31, 2022
31.57
0.24
(6.88
)
(6.64
)
(0.73
)
Year Ended October 31, 2021
22.10
0.47
(h)
9.33
9.80
(0.33
)
Class L
Six Months Ended April 30, 2026 (Unaudited)
41.22
0.37
3.92
4.29
(1.52
)
Year Ended October 31, 2025
33.88
0.96
(f)
7.63
8.59
(1.25
)
Year Ended October 31, 2024
27.71
0.73
6.43
7.16
(0.99
)
Year Ended October 31, 2023
24.54
0.75
(g)
2.64
3.39
(0.22
)
Year Ended October 31, 2022
31.99
0.52
(7.22
)
(6.70
)
(0.75
)
Year Ended October 31, 2021
22.38
0.54
(h)
9.44
9.98
(0.37
)
Class R6
Six Months Ended April 30, 2026 (Unaudited)
40.88
0.39
3.89
4.28
(1.57
)
Year Ended October 31, 2025
33.62
0.98
(f)
7.56
8.54
(1.28
)
Year Ended October 31, 2024
27.52
0.74
6.40
7.14
(1.04
)
Year Ended October 31, 2023
24.44
0.66
(g)
2.75
3.41
(0.33
)
Year Ended October 31, 2022
31.86
0.49
(7.13
)
(6.64
)
(0.78
)
Year Ended October 31, 2021
22.29
0.55
(h)
9.41
9.96
(0.39
)
 
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
(f)
Reflects income from foreign withholding tax reclaims, including related interest income, less IRS compliance fees. Had the Fund not received these proceeds, the
net investment income (loss) per share would have been $0.67, $0.43, $0.80, $0.86 and $0.88 for Class A, Class C, Class I, Class L and Class R6, respectively, and
the net investment income (loss) ratios would have been 1.90%, 1.33%, 2.18%, 2.32% and 2.45% for Class A, Class C, Class I, Class L and Class R6, respectively.
(g)
Reflects income from foreign withholding tax reclaims, including related interest income. Had the Fund not received these proceeds, the net investment income
(loss) per share would have been $0.47, $0.31, $0.56, $0.73 and $0.64 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment
income (loss) ratios would have been 1.69%, 1.28%, 1.98%, 2.54% and 2.24% for Class A, Class C, Class I, Class L and Class R6, respectively.
(h)
Reflects income from foreign withholding tax reclaims, including related interest income. Had the Fund not received these proceeds, the net investment income
(loss) per share would have been $0.38, $0.20, $0.45, $0.52 and $0.53 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment
income (loss) ratios would have been 1.29%, 0.78%, 1.44%, 1.70% and 1.75% for Class A, Class C, Class I, Class L and Class R6, respectively.
SEE NOTES TO FINANCIAL STATEMENTS.
 
52
J.P. Morgan International Equity Funds
April 30, 2026
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$42.20
10.40
%
$125,167
0.99
%
1.43
%
1.25
%
49
%
39.56
26.13
113,516
1.24
2.18
(f)
1.25
102
32.56
25.78
79,387
1.24
1.89
1.29
95
26.68
13.44
68,564
1.24
1.76
(g)
1.26
102
23.70
(21.70
)
64,573
1.25
1.37
1.28
75
30.91
44.30
88,315
1.24
1.37
(h)
1.26
92
37.14
10.12
5,327
1.40
1.15
1.67
49
35.00
25.51
3,177
1.73
1.61
(f)
1.80
102
28.86
25.16
1,233
1.74
1.24
1.85
95
23.50
12.89
2,224
1.74
1.35
(g)
1.79
102
20.85
(22.09
)
5,096
1.75
0.82
1.78
75
27.25
43.56
11,313
1.74
0.86
(h)
1.77
92
43.21
10.55
231,042
0.73
1.71
0.98
49
40.51
26.44
199,904
0.98
2.46
(f)
0.99
102
33.32
26.09
118,987
0.99
2.14
1.02
95
27.28
13.74
98,625
0.99
2.05
(g)
1.00
102
24.20
(21.48
)
83,608
0.98
0.81
1.00
75
31.57
44.61
443,053
0.98
1.52
(h)
0.99
92
43.99
10.61
9,145
0.66
1.72
0.86
49
41.22
26.61
11,066
0.84
2.60
(f)
0.85
102
33.88
26.25
8,051
0.88
2.23
0.88
95
27.71
13.86
7,155
0.84
2.61
(g)
0.85
102
24.54
(21.39
)
15,568
0.85
1.87
0.86
75
31.99
44.88
86,054
0.84
1.78
(h)
0.85
92
43.59
10.69
337,265
0.56
1.86
0.75
49
40.88
26.73
317,056
0.73
2.73
(f)
0.74
102
33.62
26.39
311,605
0.76
2.29
0.77
95
27.52
14.00
322,107
0.74
2.31
(g)
0.75
102
24.44
(21.31
)
370,736
0.75
1.81
0.76
75
31.86
45.01
445,783
0.74
1.83
(h)
0.75
92
 
 
 
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
53
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan International Equity Fund
Class A
Six Months Ended April 30, 2026 (Unaudited)
$22.61
$0.25
(f)
$1.28
$1.53
$(0.58
)
$(0.80
)
$(1.38
)
Year Ended October 31, 2025
19.38
0.37
(g)
3.38
3.75
(0.52
)
—
(0.52
)
Year Ended October 31, 2024
16.54
0.34
2.87
3.21
(0.37
)
—
(0.37
)
Year Ended October 31, 2023
14.75
0.33
(h)
1.85
2.18
(0.39
)
—
(0.39
)
Year Ended October 31, 2022
21.63
0.31
(5.83
)
(5.52
)
(0.37
)
(0.99
)
(1.36
)
Year Ended October 31, 2021
16.47
0.30
(i)
5.04
5.34
(0.18
)
—
(0.18
)
Class C
Six Months Ended April 30, 2026 (Unaudited)
21.26
0.19
(f)
1.19
1.38
(0.53
)
(0.80
)
(1.33
)
Year Ended October 31, 2025
18.22
0.24
(g)
3.20
3.44
(0.40
)
—
(0.40
)
Year Ended October 31, 2024
15.54
0.23
2.71
2.94
(0.26
)
—
(0.26
)
Year Ended October 31, 2023
13.87
0.24
(h)
1.73
1.97
(0.30
)
—
(0.30
)
Year Ended October 31, 2022
20.41
0.20
(5.48
)
(5.28
)
(0.27
)
(0.99
)
(1.26
)
Year Ended October 31, 2021
15.53
0.18
(i)
4.77
4.95
(0.07
)
—
(0.07
)
Class I
Six Months Ended April 30, 2026 (Unaudited)
23.07
0.27
(f)
1.31
1.58
(0.60
)
(0.80
)
(1.40
)
Year Ended October 31, 2025
19.76
0.42
(g)
3.46
3.88
(0.57
)
—
(0.57
)
Year Ended October 31, 2024
16.86
0.39
2.93
3.32
(0.42
)
—
(0.42
)
Year Ended October 31, 2023
15.04
0.38
(h)
1.88
2.26
(0.44
)
—
(0.44
)
Year Ended October 31, 2022
22.02
0.38
(5.95
)
(5.57
)
(0.42
)
(0.99
)
(1.41
)
Year Ended October 31, 2021
16.76
0.36
(i)
5.13
5.49
(0.23
)
—
(0.23
)
Class R2
Six Months Ended April 30, 2026 (Unaudited)
22.64
0.22
(f)
1.28
1.50
(0.51
)
(0.80
)
(1.31
)
Year Ended October 31, 2025
19.40
0.32
(g)
3.38
3.70
(0.46
)
—
(0.46
)
Year Ended October 31, 2024
16.28
0.29
2.85
3.14
(0.02
)
—
(0.02
)
Year Ended October 31, 2023
14.53
0.38
(h)
1.71
2.09
(0.34
)
—
(0.34
)
Year Ended October 31, 2022
21.31
0.25
(5.74
)
(5.49
)
(0.30
)
(0.99
)
(1.29
)
Year Ended October 31, 2021
16.31
0.23
(i)
4.99
5.22
(0.22
)
—
(0.22
)
Class R5
Six Months Ended April 30, 2026 (Unaudited)
23.23
0.26
(f)
1.35
1.61
(0.62
)
(0.80
)
(1.42
)
Year Ended October 31, 2025
19.89
0.45
(g)
3.48
3.93
(0.59
)
—
(0.59
)
Year Ended October 31, 2024
16.96
0.42
2.94
3.36
(0.43
)
—
(0.43
)
Year Ended October 31, 2023
15.13
0.38
(h)
1.91
2.29
(0.46
)
—
(0.46
)
Year Ended October 31, 2022
22.14
0.38
(5.96
)
(5.58
)
(0.44
)
(0.99
)
(1.43
)
Year Ended October 31, 2021
16.85
0.39
(i)
5.15
5.54
(0.25
)
—
(0.25
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
54
J.P. Morgan International Equity Funds
April 30, 2026
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$22.76
7.20
%
$524,686
0.95
%
2.28
%(f)
1.11
%
30
%
22.61
20.00
498,099
0.95
1.79
(g)
1.11
44
19.38
19.61
416,325
0.95
1.75
1.11
39
16.54
14.88
351,211
0.95
1.91
(h)
1.11
45
14.75
(27.15
)
304,284
0.95
1.76
1.11
31
21.63
32.56
433,033
0.95
1.47
(i)
1.11
35
21.31
6.91
9,866
1.45
1.83
(f)
1.62
30
21.26
19.42
8,356
1.45
1.24
(g)
1.63
44
18.22
19.04
4,084
1.45
1.25
1.63
39
15.54
14.24
4,792
1.45
1.45
(h)
1.63
45
13.87
(27.51
)
6,191
1.45
1.23
1.64
31
20.41
31.94
10,899
1.45
0.91
(i)
1.62
35
23.25
7.31
549,891
0.70
2.37
(f)
0.85
30
23.07
20.32
746,644
0.70
1.99
(g)
0.86
44
19.76
19.89
759,786
0.70
1.99
0.86
39
16.86
15.09
735,195
0.70
2.14
(h)
0.86
45
15.04
(26.95
)
513,812
0.70
2.16
0.86
31
22.02
32.94
584,191
0.70
1.71
(i)
0.86
35
22.83
7.04
4,077
1.25
1.99
(f)
1.37
30
22.64
19.62
3,627
1.25
1.54
(g)
1.36
44
19.40
19.30
3,371
1.25
1.49
1.62
39
16.28
14.46
2,888
1.25
2.26
(h)
1.51
45
14.53
(27.36
)
16,764
1.25
1.46
1.46
31
21.31
32.18
24,598
1.25
1.13
(i)
1.47
35
23.42
7.37
2,443
0.60
2.32
(f)
0.71
30
23.23
20.46
5,329
0.60
2.15
(g)
0.71
44
19.89
20.02
6,102
0.60
2.11
0.71
39
16.96
15.20
6,539
0.60
2.13
(h)
0.71
45
15.13
(26.88
)
8,328
0.60
2.13
0.71
31
22.14
33.04
10,463
0.60
1.85
(i)
0.71
35
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
55
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan International Equity Fund (continued)
Class R6
Six Months Ended April 30, 2026 (Unaudited)
$23.17
$0.30
(f)
$1.31
$1.61
$(0.67
)
$(0.80
)
$(1.47
)
Year Ended October 31, 2025
19.85
0.47
(g)
3.46
3.93
(0.61
)
—
(0.61
)
Year Ended October 31, 2024
16.93
0.43
2.94
3.37
(0.45
)
—
(0.45
)
Year Ended October 31, 2023
15.10
0.41
(h)
1.89
2.30
(0.47
)
—
(0.47
)
Year Ended October 31, 2022
22.10
0.39
(5.94
)
(5.55
)
(0.46
)
(0.99
)
(1.45
)
Year Ended October 31, 2021
16.81
0.42
(i)
5.13
5.55
(0.26
)
—
(0.26
)
 
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
(f)
Reflects income from foreign withholding tax reclaims, including related interest income. Had the Fund not received these proceeds, the net investment income
(loss) per share would have been $0.22, $0.16, $0.24, $0.19, $0.23 and $0.27 for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively, and
the net investment income (loss) ratios would have been 2.16%, 1.71%, 2.25%, 1.87%, 2.20% and 2.55% for Class A, Class C, Class I, Class L, Class R2, Class R5 and
Class R6, respectively.
(g)
Reflects income from foreign withholding tax reclaims, including related interest income. Had the Fund not received these proceeds, the net investment income
(loss) per share would have been $0.35, $0.22, $0.40, $0.30, $0.43 and $0.45 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net
investment income (loss) ratios would have been 1.71%, 1.16%, 1.91%, 1.46%, 2.07% and 2.16% for Class A, Class C, Class I, Class R2, Class R5 and Class R6,
respectively.
(h)
Reflects income from foreign withholding tax reclaims, including related interest income. Had the Fund not received these proceeds, the net investment income
(loss) per share would have been $0.32, $0.23, $0.37, $0.37, $0.37 and $0.40 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net
investment income (loss) ratios would have been 1.85%, 1.39%, 2.08%, 2.20%, 2.07% and 2.29% for Class A, Class C, Class I, Cass R2, Class R5 and Class R6,
respectively.
(i)
Reflects income from foreign withholding tax reclaims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net
investment income (loss) ratios for each share class would have remained the same.
SEE NOTES TO FINANCIAL STATEMENTS.
 
56
J.P. Morgan International Equity Funds
April 30, 2026
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$23.31
7.41
%
$4,180,622
0.50
%
2.67
%(f)
0.60
%
30
%
23.17
20.54
4,161,925
0.50
2.24
(g)
0.61
44
19.85
20.14
3,097,141
0.50
2.18
0.60
39
16.93
15.35
2,845,622
0.50
2.35
(h)
0.60
45
15.10
(26.81
)
2,961,811
0.50
2.22
0.61
31
22.10
33.20
3,782,533
0.50
1.98
(i)
0.60
35
 
 
 
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
57
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan International Focus Fund
Class A
Six Months Ended April 30, 2026 (Unaudited)
$30.20
$0.31
(f)
$2.32
$2.63
$(0.71
)
$(0.58
)
$(1.29
)
Year Ended October 31, 2025
25.35
0.36
5.19
5.55
(0.70
)
—
(0.70
)
Year Ended October 31, 2024
21.73
0.37
3.69
4.06
(0.44
)
—
(0.44
)
Year Ended October 31, 2023
19.58
0.38
2.50
2.88
(0.73
)
—
(0.73
)
Year Ended October 31, 2022
27.55
0.41
(7.95
)
(7.54
)
(0.43
)
—
(0.43
)
Year Ended October 31, 2021
22.07
0.35
(g)
5.32
5.67
(0.19
)
—
(0.19
)
Class C
Six Months Ended April 30, 2026 (Unaudited)
29.79
0.22
(f)
2.32
2.54
(0.54
)
(0.58
)
(1.12
)
Year Ended October 31, 2025
24.98
0.22
5.13
5.35
(0.54
)
—
(0.54
)
Year Ended October 31, 2024
21.36
0.24
3.63
3.87
(0.25
)
—
(0.25
)
Year Ended October 31, 2023
19.23
0.27
2.45
2.72
(0.59
)
—
(0.59
)
Year Ended October 31, 2022
27.06
0.29
(7.83
)
(7.54
)
(0.29
)
—
(0.29
)
Year Ended October 31, 2021
21.68
0.20
(g)
5.24
5.44
(0.06
)
—
(0.06
)
Class I
Six Months Ended April 30, 2026 (Unaudited)
30.72
0.33
(f)
2.38
2.71
(0.77
)
(0.58
)
(1.35
)
Year Ended October 31, 2025
25.77
0.43
5.28
5.71
(0.76
)
—
(0.76
)
Year Ended October 31, 2024
22.08
0.44
3.74
4.18
(0.49
)
—
(0.49
)
Year Ended October 31, 2023
19.88
0.44
2.54
2.98
(0.78
)
—
(0.78
)
Year Ended October 31, 2022
27.95
0.47
(8.06
)
(7.59
)
(0.48
)
—
(0.48
)
Year Ended October 31, 2021
22.39
0.42
(g)
5.39
5.81
(0.25
)
—
(0.25
)
Class R2
Six Months Ended April 30, 2026 (Unaudited)
29.83
0.24
(f)
2.33
2.57
(0.62
)
(0.58
)
(1.20
)
Year Ended October 31, 2025
25.10
0.29
5.11
5.40
(0.67
)
—
(0.67
)
Year Ended October 31, 2024
21.53
0.29
3.66
3.95
(0.38
)
—
(0.38
)
Year Ended October 31, 2023
19.40
0.31
2.49
2.80
(0.67
)
—
(0.67
)
Year Ended October 31, 2022
27.25
0.34
(7.89
)
(7.55
)
(0.30
)
—
(0.30
)
Year Ended October 31, 2021
21.85
0.27
(g)
5.26
5.53
(0.13
)
—
(0.13
)
Class R5
Six Months Ended April 30, 2026 (Unaudited)
30.72
0.38
(f)
2.35
2.73
(0.80
)
(0.58
)
(1.38
)
Year Ended October 31, 2025
25.78
0.46
5.27
5.73
(0.79
)
—
(0.79
)
Year Ended October 31, 2024
22.07
0.46
3.75
4.21
(0.50
)
—
(0.50
)
Year Ended October 31, 2023
19.89
0.52
2.48
3.00
(0.82
)
—
(0.82
)
Year Ended October 31, 2022
27.96
0.49
(8.06
)
(7.57
)
(0.50
)
—
(0.50
)
Year Ended October 31, 2021
22.38
0.44
(g)
5.40
5.84
(0.26
)
—
(0.26
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
58
J.P. Morgan International Equity Funds
April 30, 2026
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$31.54
9.12
%
$468,818
1.00
%
2.09
%(f)
1.23
%
29
%
30.20
22.58
432,931
1.00
1.34
1.23
55
25.35
18.81
364,538
1.00
1.47
1.22
45
21.73
14.82
300,017
1.00
1.69
1.21
36
19.58
(27.75
)
237,262
1.00
1.75
1.24
30
27.55
25.74
337,503
1.00
1.31
(g)
1.21
32
31.21
8.86
7,647
1.50
1.47
(f)
1.77
29
29.79
21.97
8,608
1.50
0.84
1.77
55
24.98
18.22
9,848
1.50
0.96
1.76
45
21.36
14.24
12,146
1.50
1.22
1.74
36
19.23
(28.13
)
14,034
1.50
1.26
1.76
30
27.06
25.11
24,272
1.50
0.77
(g)
1.72
32
32.08
9.26
493,647
0.75
2.19
(f)
0.97
29
30.72
22.90
540,777
0.75
1.58
0.97
55
25.77
19.09
586,039
0.75
1.73
0.97
45
22.08
15.12
540,456
0.75
1.93
0.97
36
19.88
(27.56
)
433,591
0.75
1.99
0.99
30
27.95
26.04
832,039
0.75
1.54
(g)
0.96
32
31.20
8.98
5,540
1.30
1.62
(f)
1.49
29
29.83
22.19
6,321
1.30
1.10
1.50
55
25.10
18.46
2,988
1.30
1.14
1.54
45
21.53
14.50
1,311
1.30
1.39
1.51
36
19.40
(27.97
)
1,477
1.30
1.46
1.53
30
27.25
25.35
2,078
1.30
1.00
(g)
1.48
32
32.07
9.34
1,996
0.65
2.46
(f)
0.90
29
30.72
22.99
1,762
0.65
1.70
0.92
55
25.78
19.24
1,749
0.65
1.80
0.91
45
22.07
15.21
1,837
0.65
2.28
0.88
36
19.89
(27.51
)
1,961
0.65
2.06
0.91
30
27.96
26.19
3,172
0.65
1.61
(g)
0.87
32
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
59
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan International Focus Fund (continued)
Class R6
Six Months Ended April 30, 2026 (Unaudited)
$30.74
$0.37
(f)
$2.37
$2.74
$(0.83
)
$(0.58
)
$(1.41
)
Year Ended October 31, 2025
25.80
0.49
5.26
5.75
(0.81
)
—
(0.81
)
Year Ended October 31, 2024
22.10
0.49
3.74
4.23
(0.53
)
—
(0.53
)
Year Ended October 31, 2023
19.90
0.49
2.54
3.03
(0.83
)
—
(0.83
)
Year Ended October 31, 2022
27.98
0.39
(7.94
)
(7.55
)
(0.53
)
—
(0.53
)
Year Ended October 31, 2021
22.40
0.46
(g)
5.40
5.86
(0.28
)
—
(0.28
)
 
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
(f)
Reflects income from foreign withholding tax reclaims, including related interest income. Had the Fund not received these proceeds, the net investment income
(loss) per share would have been $0.28, $0.19, $0.30, $0.21, $0.35 and $0.34 for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively, and
the net investment income (loss) ratios would have been 1.99%, 1.37%, 2.09%, 1.52%, 2.36% and 2.35% for Class A, Class C, Class I, Class L, Class R2, Class R5 and
Class R6, respectively.
(g)
Reflects income from foreign withholding tax reclaims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net
investment income (loss) ratios for each share class would have remained the same.
SEE NOTES TO FINANCIAL STATEMENTS.
 
60
J.P. Morgan International Equity Funds
April 30, 2026
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$32.07
9.37
%
$618,391
0.55
%
2.45
%(f)
0.73
%
29
%
30.74
23.11
632,775
0.55
1.79
0.72
55
25.80
19.34
548,793
0.55
1.91
0.72
45
22.10
15.38
489,620
0.55
2.12
0.71
36
19.90
(27.44
)
406,456
0.55
1.55
0.72
30
27.98
26.28
2,721,224
0.55
1.68
(g)
0.71
32
 
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2026
J.P. Morgan International Equity Funds
61
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2026 (Unaudited)
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I") and JPMorgan Trust IV (“JPM IV") (collectively, the “Trusts”) were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 6 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report: 
 
Classes Offered
Trust
Diversification Classification
JPMorgan Developed International Value Fund
Class A, Class C, Class I, Class L, Class R2,
Class R5 and Class R6
JPM I
Diversified
JPMorgan Emerging Markets Equity Fund
Class A, Class C, Class I, Class L, Class R2,
Class R3, Class R4, Class R5 and Class R6
JPM I
Diversified
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I and Class R6
JPM IV
Diversified
JPMorgan Europe Dynamic Fund
Class A, Class C, Class I, Class L and
Class R6
JPM I
Diversified
JPMorgan International Equity Fund
Class A, Class C, Class I, Class R2, Class R5
and Class R6
JPM I
Diversified
JPMorgan International Focus Fund
Class A, Class C, Class I, Class R2, Class R5
and Class R6
JPM I
Diversified
The investment objective of JPMorgan Developed International Value Fund (“Developed International Value Fund”), JPMorgan Emerging Markets Research Enhanced Equity Fund (“Emerging Markets Research Enhanced Equity Fund”) and JPMorgan International Focus Fund (“International Focus Fund”) is to seek to provide long-term capital appreciation.
The investment objective of JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”) is to seek to provide high total return.
The investment objective of JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”) is to seek total return from long-term capital growth. Total return consists of capital growth and current income.
The investment objective of JPMorgan International Equity Fund (“International Equity Fund”) is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.
Class L Shares of Developed International Value Fund, Emerging Markets Equity Fund and Europe Dynamic Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of Developed International Value Fund, Emerging Markets Equity Fund and Europe Dynamic Fund unless they meet certain requirements as described in the Funds' prospectuses.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as Adviser (the "Adviser") and Administrator (the "Administrator") to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
 
62
J.P. Morgan International Equity Funds
April 30, 2026
Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.
A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"): 
Developed International Value Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$166,612
$—
$166,612
Austria
11,815
45,029
—
56,844
Belgium
—
32,118
—
32,118
China
—
18,894
—
18,894
Denmark
10,401
30,824
—
41,225
Finland
—
21,742
—
21,742
France
1,052
286,187
—
287,239
 
April 30, 2026
J.P. Morgan International Equity Funds
63
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2026 (Unaudited) (continued)
(Dollar values in thousands)
Developed International Value Fund (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Georgia
$3,674
$—
$—
$3,674
Germany
13,139
271,308
—
284,447
Guatemala
12,357
—
—
12,357
Hong Kong
17,677
78,805
—
96,482
Indonesia
—
7,054
—
7,054
Ireland
32,106
21,753
—
53,859
Israel
—
3,267
—
3,267
Italy
—
164,082
—
164,082
Ivory Coast
—
4,020
—
4,020
Japan
—
744,898
—
744,898
Luxembourg
—
14,431
—
14,431
Netherlands
24,368
112,042
—
136,410
Norway
46,794
29,993
—
76,787
Peru
—
5,330
—
5,330
Portugal
—
16,384
—
16,384
Singapore
—
20,960
—
20,960
South Africa
—
16,166
—
16,166
Spain
10,313
164,948
—
175,261
Sweden
40,576
72,545
—
113,121
Switzerland
—
119,632
—
119,632
United Kingdom
76,603
357,830
—
434,433
United States
—
314,609
—
314,609
Total Common Stocks
300,875
3,141,463
—
3,442,338
Short-Term Investments
Investment Companies
82,957
—
—
82,957
Investment of Cash Collateral from Securities Loaned
24,080
—
—
24,080
Total Short-Term Investments
107,037
—
—
107,037
Total Investments in Securities
$407,912
$3,141,463
$—
$3,549,375
 
Emerging Markets Equity Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Argentina
$254,867
$—
$—
$254,867
Brazil
1,088,484
—
—
1,088,484
China
584,443
1,501,680
—
2,086,123
Greece
—
32,317
—
32,317
Guatemala
124,765
—
—
124,765
Hong Kong
—
305,189
—
305,189
Hungary
—
91,698
—
91,698
India
68,345
952,755
—
1,021,100
Indonesia
—
62,188
—
62,188
Mexico
180,551
—
—
180,551
Panama
59,644
—
—
59,644
Peru
108,083
—
—
108,083
Portugal
53,018
—
—
53,018
 
64
J.P. Morgan International Equity Funds
April 30, 2026
Emerging Markets Equity Fund (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Saudi Arabia
$—
$51,450
$—
$51,450
Singapore
99,833
—
—
99,833
South Africa
103,583
—
—
103,583
South Korea
339,796
1,604,747
—
1,944,543
Spain
—
186,903
—
186,903
Taiwan
395,383
2,096,196
—
2,491,579
Turkey
—
273,919
—
273,919
United Arab Emirates
—
190,465
—
190,465
United States
109,517
—
—
109,517
Total Common Stocks
3,570,312
7,349,507
—
10,919,819
Short-Term Investments
Investment Companies
20,785
—
—
20,785
Investment of Cash Collateral from Securities Loaned
180,631
—
—
180,631
Total Short-Term Investments
201,416
—
—
201,416
Total Investments in Securities
$3,771,728
$7,349,507
$—
$11,121,235
 
Emerging Markets Research Enhanced Equity Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$6,512
$—
$6,512
Brazil
117,617
—
—
117,617
Chile
3,046
—
—
3,046
China
33,848
473,118
—
506,966
Colombia
4,151
—
—
4,151
Greece
4,373
17,955
—
22,328
Guatemala
2,955
—
—
2,955
Hong Kong
—
3,505
—
3,505
Hungary
1,950
11,141
—
13,091
India
15,758
227,011
2,084
244,853
Indonesia
2,524
15,427
—
17,951
Kazakhstan
1,197
—
—
1,197
Kuwait
1,361
—
—
1,361
Malaysia
—
12,497
—
12,497
Mexico
46,389
—
—
46,389
Panama
1,656
—
—
1,656
Peru
9,261
—
—
9,261
Philippines
—
1,828
—
1,828
Poland
—
10,288
—
10,288
Qatar
8,197
—
—
8,197
Russia
—
—
—
(a)
—
(a)
Saudi Arabia
9,860
33,336
—
43,196
Singapore
436
—
—
436
South Africa
17,130
50,839
—
67,969
South Korea
18,274
375,330
—
393,604
Taiwan
3,846
535,395
—
539,241
 
April 30, 2026
J.P. Morgan International Equity Funds
65
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2026 (Unaudited) (continued)
(Dollar values in thousands)
Emerging Markets Research Enhanced Equity Fund (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Thailand
$3,123
$20,980
$—
$24,103
Turkey
—
5,051
—
5,051
United Arab Emirates
7,629
8,073
—
15,702
United States
1,940
—
—
1,940
Total Common Stocks
316,521
1,808,286
2,084
2,126,891
Short-Term Investments
Investment Companies
53,552
—
—
53,552
Investment of Cash Collateral from Securities Loaned
19,056
—
—
19,056
Total Short-Term Investments
72,608
—
—
72,608
Total Investments in Securities
$389,129
$1,808,286
$2,084
$2,199,499
Appreciation in Other Financial Instruments
Futures Contracts
$743
$—
$—
$743
 
 
(a)
Value is zero.
There were no significant transfers into or out of level 3 for the six months ended April 30, 2026. 
Europe Dynamic Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$14,271
$—
$14,271
Austria
—
5,203
—
5,203
Belgium
—
8,721
—
8,721
Denmark
14,812
5,635
—
20,447
France
—
105,994
—
105,994
Germany
—
92,490
—
92,490
Italy
—
37,760
—
37,760
Netherlands
15,424
85,106
—
100,530
Norway
—
6,833
—
6,833
Spain
—
28,857
—
28,857
Sweden
12,177
—
—
12,177
Switzerland
—
58,002
—
58,002
United Kingdom
13,020
111,897
—
124,917
United States
—
39,869
—
39,869
Total Common Stocks
55,433
600,638
—
656,071
Short-Term Investments
Investment Companies
31,872
—
—
31,872
Investment of Cash Collateral from Securities Loaned
23,457
—
—
23,457
Total Short-Term Investments
55,329
—
—
55,329
Total Investments in Securities
$110,762
$600,638
$—
$711,400
Appreciation in Other Financial Instruments
Futures Contracts
$456
$—
$—
$456
 
 
66
J.P. Morgan International Equity Funds
April 30, 2026
International Equity Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$286,273
$—
$286,273
Austria
—
44,459
—
44,459
Belgium
—
79,049
—
79,049
Denmark
—
37,288
—
37,288
Finland
—
78,160
—
78,160
France
—
527,096
—
527,096
Germany
—
523,800
—
523,800
Greece
—
51,897
—
51,897
Hong Kong
—
127,165
—
127,165
Ireland
—
33,468
—
33,468
Italy
40,345
97,225
—
137,570
Japan
44,192
1,100,331
—
1,144,523
Netherlands
40,494
232,301
—
272,795
Singapore
26,105
103,194
—
129,299
Spain
—
204,167
—
204,167
Sweden
—
181,616
—
181,616
Switzerland
—
189,081
—
189,081
Taiwan
54,846
—
—
54,846
United Kingdom
42,676
651,193
—
693,869
United States
—
356,064
—
356,064
Total Common Stocks
248,658
4,903,827
—
5,152,485
Short-Term Investments
Investment Companies
114,621
—
—
114,621
Investment of Cash Collateral from Securities Loaned
45,570
—
—
45,570
Total Short-Term Investments
160,191
—
—
160,191
Total Investments in Securities
$408,849
$4,903,827
$—
$5,312,676
 
International Focus Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$57,024
$—
$57,024
Belgium
—
38,819
—
38,819
Brazil
36,045
—
—
36,045
Canada
68,167
—
—
68,167
China
—
117,565
—
117,565
Denmark
—
15,126
—
15,126
France
—
149,892
—
149,892
Germany
—
135,647
—
135,647
Greece
—
17,024
—
17,024
Hong Kong
—
23,341
—
23,341
India
25,703
16,361
—
42,064
Italy
—
24,135
—
24,135
Japan
—
208,975
—
208,975
 
April 30, 2026
J.P. Morgan International Equity Funds
67
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2026 (Unaudited) (continued)
(Dollar values in thousands)
International Focus Fund (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Netherlands
$—
$43,434
$—
$43,434
Saudi Arabia
—
18,179
—
18,179
Singapore
—
36,765
—
36,765
South Korea
25,307
77,869
—
103,176
Sweden
—
43,363
—
43,363
Switzerland
—
32,720
—
32,720
Taiwan
55,418
73,104
—
128,522
United Kingdom
23,857
87,548
—
111,405
United States
—
121,680
—
121,680
Total Common Stocks
234,497
1,338,571
—
1,573,068
Short-Term Investments
Investment Companies
9,637
—
—
9,637
Investment of Cash Collateral from Securities Loaned
17,508
—
—
17,508
Total Short-Term Investments
27,145
—
—
27,145
Total Investments in Securities
$261,642
$1,338,571
$—
$1,600,213
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2026, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value (but generally 102% or 105%, as explained below) plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrower. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
 
68
J.P. Morgan International Equity Funds
April 30, 2026
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2026. 
 
Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities
Cash Collateral
Posted by Borrower*
Net Amount Due
to Counterparty
(not less than zero)
Developed International Value Fund
$23,288
$(23,288
)
$—
Emerging Markets Equity Fund
177,380
(177,380
)
—
Emerging Markets Research Enhanced Equity Fund
18,317
(18,317
)
—
Europe Dynamic Fund
22,521
(22,521
)
—
International Equity Fund
43,888
(43,888
)
—
International Focus Fund
17,046
(17,046
)
—
 
 
*
Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below. 
Developed International Value Fund 
For the six months ended April 30, 2026
Security Description
Value at
October 31,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2026
Shares at
April 30,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.66%  (a) (b)
$68,350
$912,997
$898,374
$(30
)
$14
$82,957
82,940
$2,698
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66%  (a) (b)
9,405
163,555
148,880
—
—
24,080
24,080
364
*
—
Total
$77,755
$1,076,552
$1,047,254
$(30
)
$14
$107,037
$3,062
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of April 30, 2026.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Emerging Markets Equity Fund 
For the six months ended April 30, 2026
Security Description
Value at
October 31,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2026
Shares at
April 30,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.66%  (a) (b)
$—
$959,488
$938,697
$(7
)
$1
$20,785
20,781
$649
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66%  (a) (b)
70,284
727,231
616,884
—
—
180,631
180,631
1,898
*
—
Total
$70,284
$1,686,719
$1,555,581
$(7
)
$1
$201,416
$2,547
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
April 30, 2026
J.P. Morgan International Equity Funds
69
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2026 (Unaudited) (continued)
(Dollar values in thousands)
(b)
The rate shown is the current yield as of April 30, 2026.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Emerging Markets Research Enhanced Equity Fund 
For the six months ended April 30, 2026
Security Description
Value at
October 31,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2026
Shares at
April 30,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.66%  (a) (b)
$—
$295,260
$241,710
$2
$—
$53,552
53,541
$188
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66%  (a) (b)
14,532
50,082
45,558
—
—
19,056
19,056
285
*
—
Total
$14,532
$345,342
$287,268
$2
$—
$72,608
$473
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of April 30, 2026.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Europe Dynamic Fund 
For the six months ended April 30, 2026
Security Description
Value at
October 31,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2026
Shares at
April 30,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.66%  (a) (b)
$14,862
$162,327
$145,310
$(7
)
$—
(c)
$31,872
31,866
$461
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66%  (a) (b)
4,966
76,738
58,247
—
—
23,457
23,457
190
*
—
Total
$19,828
$239,065
$203,557
$(7
)
$—
(c)
$55,329
$651
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of April 30, 2026.
(c)
Amount rounds to less than one thousand.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
International Equity Fund 
For the six months ended April 30, 2026
Security Description
Value at
October 31,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2026
Shares at
April 30,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.66%  (a) (b)
$141,338
$955,595
$982,302
$(30
)
$20
$114,621
114,598
$1,274
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66%  (a) (b)
36,487
347,093
338,010
—
—
45,570
45,570
613
*
—
Total
$177,825
$1,302,688
$1,320,312
$(30
)
$20
$160,191
$1,887
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of April 30, 2026.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
70
J.P. Morgan International Equity Funds
April 30, 2026
International Focus Fund 
For the six months ended April 30, 2026
Security Description
Value at
October 31,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2026
Shares at
April 30,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.66%  (a) (b)
$18,464
$211,479
$220,304
$(4
)
$2
$9,637
9,635
$267
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.66%  (a) (b)
2,292
117,705
102,489
—
—
17,508
17,508
207
*
—
Total
$20,756
$329,184
$322,793
$(4
)
$2
$27,145
$474
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of April 30, 2026.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
F. Futures Contracts— Developed International Value Fund, Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund and International Equity Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
 
April 30, 2026
J.P. Morgan International Equity Funds
71
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2026 (Unaudited) (continued)
(Dollar values in thousands)
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
Derivatives Volume
The table below discloses the volume of the Funds' futures contracts activity during the six months ended April 30, 2026 (amounts in thousands, except for number of contracts): 
 
Developed
International
Value Fund
Emerging
Markets
Research
Enhanced
Equity Fund
Europe
Dynamic
Fund
International
Equity Fund
Futures Contracts:
Average Notional Balance Long
$57,842
$13,381
$21,254
$41,393
Average Notional Balance Short
—
—
(444
)
—
Ending Notional Balance Long
—
51,902
42,007
—
The Funds' derivatives contracts held at April 30, 2026 are not accounted for as hedging instruments under GAAP.
G. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
H. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended April 30, 2026, are as follows: 
 
Class A
Class C
Class I
Class L
Class R2
Class R3
Class R4
Class R5
Class R6
Total
Developed International Value Fund
Transfer agency fees
$10
$1
$18
$1
$—
(a)
n/a
n/a
$—
(a)
$7
$37
Emerging Markets Equity Fund
Transfer agency fees
13
2
17
8
—
(a)
$—
(a)
$—
(a)
1
45
86
Emerging Markets Research Enhanced Equity Fund
Transfer agency fees
n/a
n/a
6
n/a
n/a
n/a
n/a
n/a
6
12
Europe Dynamic Fund
Transfer agency fees
8
1
3
—
(a)
n/a
n/a
n/a
n/a
1
13
International Equity Fund
Transfer agency fees
14
1
2
n/a
—
(a)
n/a
n/a
—
(a)
19
36
International Focus Fund
Transfer agency fees
8
2
3
n/a
—
(a)
n/a
n/a
1
6
20
 
 
(a)
Amount rounds to less than one thousand.
 
72
J.P. Morgan International Equity Funds
April 30, 2026
I. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of April 30, 2026, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
J. Foreign Taxes—The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
As a result of several court rulings in certain European countries, the tax authorities of each of these countries, recently paid Developed International Value Fund (France), International Equity Fund (France) and International Focus Fund (Finland and France) tax reclaims for prior tax withholding. These tax reclaim payments, including any related interest income, are included in Foreign withholding tax reclaims on the Statements of Operations.
K. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
L. Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.
M. Recent Accounting Pronouncement — In December 2023, FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows: 
 
 
Developed International Value Fund
0.55
%
Emerging Markets Equity Fund
0.68
Emerging Markets Research Enhanced Equity Fund
0.25
Europe Dynamic Fund
0.60
International Equity Fund
0.50
International Focus Fund
0.60
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended April 30, 2026, the effective annualized rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
 
April 30, 2026
J.P. Morgan International Equity Funds
73
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2026 (Unaudited) (continued)
(Dollar values in thousands)
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that the following Funds shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below: 
 
Class A
Class C
Class R2
Class R3
Developed International Value Fund
0.25
%
0.75
%
0.50
%
n/a
Emerging Markets Equity Fund
0.25
0.75
0.50
0.25
%
Europe Dynamic Fund
0.25
0.75
n/a
n/a
International Equity Fund
0.25
0.75
0.50
n/a
International Focus Fund
0.25
0.75
0.50
n/a
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2026, JPMDS retained the following: 
 
Front-End Sales Charge
CDSC
Developed International Value Fund
$53
$—
Emerging Markets Equity Fund
17
—
Europe Dynamic Fund
3
—
International Equity Fund
24
—
(a)
International Focus Fund
19
—
 
 
(a)
Amount rounds to less than one thousand.
D. Service Fees— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below: 
 
Class A
Class C
Class I
Class L
Class R2
Class R3
Class R4
Class R5
Developed International Value
Fund
0.25
%
0.25
%
0.25
%
0.10
%
0.25
%
n/a
n/a
0.10
%
Emerging Markets Equity Fund
0.25
0.25
0.25
0.10
0.25
0.25
%
0.25
%
0.10
Emerging Markets Research
Enhanced Equity Fund
n/a
n/a
0.25
n/a
n/a
n/a
n/a
n/a
Europe Dynamic Fund
0.25
0.25
0.25
0.10
n/a
n/a
n/a
n/a
International Equity Fund
0.25
0.25
0.25
n/a
0.25
n/a
n/a
0.10
International Focus Fund
0.25
0.25
0.25
n/a
0.25
n/a
n/a
0.10
 
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
 
74
J.P. Morgan International Equity Funds
April 30, 2026
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below: 
 
Class A
Class C
Class I
Class R2
Class R3
Class R4
Class R5
Class R6
Developed International
Value Fund
1.00
%
1.50
%
0.75
%
1.30
%
n/a
n/a
0.65
%
0.55
%
Emerging Markets Equity
Fund  (1)
1.19
1.69
0.94
1.49
1.24
%
0.99
%
0.84
0.74
Emerging Markets Research
Enhanced Equity Fund
n/a
n/a
0.45
n/a
n/a
n/a
n/a
0.35
Europe Dynamic Fund  (2)
1.00
1.50
0.75
n/a
n/a
n/a
n/a
0.55
International Equity Fund
0.95
1.45
0.70
1.25
n/a
n/a
0.60
0.50
International Focus Fund
1.00
1.50
0.75
1.30
n/a
n/a
0.65
0.55
 
 
 
(1)
Prior to November 1, 2025, the contractual expense limitations were 1.24%, 1.74%, 0.99%, 1.54%, 1.29%, 1.04%, 0.89% and 0.79% for Class A,
Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.
(2)
Prior to November 1, 2025, the contractual expense limitations were 1.24%, 1.74%, 0.99% and 0.00% for Class A, Class C, Class I and Class R6
Shares, respectively.
Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2026 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2027.
For the six months ended April 30, 2026, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years. 
 
Contractual Waivers
 
 
Investment
Advisory Fees
Administration
Fees
Service
Fees
Total
Contractual
Reimbursements
Developed International Value Fund
$933
$622
$526
$2,081
$7
Emerging Markets Equity Fund
1,977
1,319
569
3,865
45
Emerging Markets Research Enhanced Equity Fund
396
264
254
914
—
Europe Dynamic Fund
390
252
97
739
1
International Equity Fund
1,568
1,046
290
2,904
13
International Focus Fund
828
552
246
1,626
—
Additionally, the Funds may invest in one or more money market funds advised by the Adviser ("Affiliated Money Market Funds"). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the Affiliated Money Market Fund on the applicable Fund's investment in such Affiliated Money Market Fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these Affiliated Money Market Funds for the six months ended April 30, 2026 were as follows: 
 
 
Developed International Value Fund
$118
Emerging Markets Equity Fund
45
Emerging Markets Research Enhanced Equity Fund
7
Europe Dynamic Fund
23
International Equity Fund
80
International Focus Fund
16
 
April 30, 2026
J.P. Morgan International Equity Funds
75
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2026 (Unaudited) (continued)
(Dollar values in thousands)
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Boards' independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the six months ended April 30, 2026, Emerging Markets Equity Fund and Europe Dynamic Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2026, purchases and sales of investments (excluding short-term investments) were as follows: 
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
Developed International Value Fund
$1,833,933
$602,596
Emerging Markets Equity Fund
1,621,453
2,058,669
Emerging Markets Research Enhanced Equity Fund
453,039
702,645
Europe Dynamic Fund
323,025
355,396
International Equity Fund
1,521,878
1,951,359
International Focus Fund
464,541
623,957
During the six months ended April 30, 2026, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2026 were as follows:  
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Developed International Value Fund
$2,921,988
$662,030
$34,643
$627,387
Emerging Markets Equity Fund
6,308,925
5,083,757
271,447
4,812,310
Emerging Markets Research Enhanced Equity Fund
1,343,439
942,018
85,215
856,803
Europe Dynamic Fund
561,038
160,233
9,415
150,818
International Equity Fund
3,685,679
1,731,162
104,165
1,626,997
International Focus Fund
1,162,367
465,364
27,518
437,846
At October 31, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains: 
 
Capital Loss Carryforward Character
 
Short-Term
Long-Term
Developed International Value Fund
$32,811
$—
Emerging Markets Research Enhanced Equity Fund
136,365
139,573
Europe Dynamic Fund
13,176
—
 
76
J.P. Morgan International Equity Funds
April 30, 2026
During the year ended October 31, 2025, the following Funds utilized capital loss carryforwards as follows: 
 
Capital Loss Utilized
 
Short-Term
Long-Term
Developed International Value Fund
$27,776
$13,662
Emerging Markets Equity Fund
357,835
373,096
Emerging Markets Research Enhanced Equity Fund
7,667
78,796
Europe Dynamic Fund
72,584
—
International Equity Fund
25,309
82,363
International Focus Fund
110,706
—
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II ("JPM II") and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The following Funds had borrowings outstanding from another fund at April 30, 2026: 
 
Average
Borrowings
Average
Interest
Rate Paid
Number of
Days
Outstanding
Interest
Paid
Emerging Markets Equity Fund
$18,263
4.47
%
18
$41
Emerging Markets Research Enhanced Equity Fund
40,517
4.43
27
135
International Equity Fund
43,868
4.41
10
55
International Focus Fund
28,046
4.38
4
14
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2026.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended April 30, 2026.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
 
April 30, 2026
J.P. Morgan International Equity Funds
77
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2026 (Unaudited) (continued)
(Dollar values in thousands)
As of April 30, 2026, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:  
 
Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts
% of the Fund
Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts
% of the Fund
Developed International Value Fund
—
—
%
4
71.2
%
Emerging Markets Equity Fund
—
—
3
56.5
Europe Dynamic Fund
3
43.3
1
17.3
International Equity Fund
—
—
2
41.1
International Focus Fund
1
12.4
2
53.9
As of April 30, 2026, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows: 
 
J.P. Morgan
Investor
Funds
JPMorgan
SmartRetirement
Funds
JPMorgan
SmartRetirement
Blend Funds
Emerging Markets Research Enhanced Equity Fund
20.2
%
21.9
%
35.8
%
Europe Dynamic Fund
45.0
—
—
International Equity Fund
—
24.2
—
International Focus Fund
17.1
—
—
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of April 30, 2026, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows: 
 
Developed
International
Value Fund
Emerging
Markets
Equity Fund
Emerging
Markets
Research
Enhanced
Equity Fund
Europe
Dynamic
Fund
International
Equity Fund
International
Focus Fund
China
—
%
19.1
%
23.3
%
—
%
—
%
—
%
France
—
—
—
15.4
10.0
—
Germany
—
—
—
13.4
—
—
India
—
—
11.2
—
—
—
Japan
21.1
—
—
—
21.7
13.2
Netherlands
—
—
—
14.6
—
—
South Korea
—
17.8
18.1
—
—
—
Taiwan
—
22.8
24.7
—
—
—
United Kingdom
12.3
—
—
18.2
13.2
—
As of April 30, 2026, a significant portion of each Fund's investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
 
78
J.P. Morgan International Equity Funds
April 30, 2026
The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Funds' ability to buy and sell securities.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Emerging Markets Equity Fund and Emerging Markets Research Enhanced Equity Fund each invests a substantial portion of their assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.
Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.
Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.
 
April 30, 2026
J.P. Morgan International Equity Funds
79
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
 
 
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2026. All rights reserved. April 2026.
SAN-INTEQ-426
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statements of Operations within the Funds' Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreements
Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to Item 7.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to Item 7.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to Item 7.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Refer to Item 7.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS

 

  (a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

Not applicable.

 

  (b)

A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

JPMorgan Trust IV
By:  

/s/ Matthew J. Kamburowski

  Matthew J. Kamburowski
  President and Principal Executive Officer
  July 1, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Matthew J. Kamburowski

  Matthew J. Kamburowski
  President and Principal Executive Officer
  July 1, 2026
By:  

/s/ Timothy J. Clemens

  Timothy J. Clemens
  Treasurer and Principal Financial Officer
  July 1, 2026
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO RULE 302

CERTIFICATION PURSUANT TO RULE 906

XBRL TAXONOMY EXTENSION SCHEMA

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IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d152372dncsrs_htm.xml